Did you have problems in the past when paying your debt obligations? Are you in need of cash at the moment for emergency needs? Do you think many lenders will turn your loan application down? You have a chance to secure the loan you need by consulting Regimentra Loans. We have plenty of loan offers available through a variety of lenders and help you select the choice that best suits you needs. Unlike the operations of lenders like Castle Finance Direct, you can easily access numerous lenders thus letting you compare loans. This action helps you land on the best loan deals. The lenders you compare all offer bad credit loans to borrowers.

I have bad credit rating, are secured loans the best options for me?

Individuals who are property owners and also have a bad credit rating are easily offered secured loans by lenders. This option also allows these individuals to access higher loan amounts than they ever would if they had no piece of property. Secured loans also enable such individuals gain access to longer repayment periods and get them an easy time through the eligibility test.

What such individuals need to know is that these privileges come because they are considered low risk borrowers. This is due to the security attached to the loan. In case of default, the security attached can be repossessed and resold to recover the loan amount. Any case of default means that the borrower risks losing their property. Taking secured loans needs careful thought on the part of bad credit borrowers. Weighing the ability to repay the loan versus the risk of losing the property helps make an appropriate decision.

Loan Consolidation for existing debts

It is possible for individuals with bad credit rating to consolidate existing debts through Regimentra Loans. Repaying multiple loans with different interests’ rates could see you paying high amounts in interests thus pulling you back in your repayment contributing to your bad credit rating. We offer clients the opportunity to consolidate their debts which eventually sees one paying less since the loans are paid off early before their full maturity. Instead of paying numerous high charging rates, you get to pay a single debt with a lower interest rate. This makes your monthly loan installments manageable.

Even before making the shift to debt consolidation, you need to weigh out the offer available. Reckless jumping into loan consolidation may lead you into paying more in terms of interest rate if the terms in loan payoff and the new loan were not considered carefully.

Variety uses for bad credit loans

Bad credit loans are not usually given for particular purposes. The borrowers usually have plenty of varied reasons depending on the borrowers needs. Bad credit loans can be used for home improvements, travel, buying a car, and for emergency needs. What should be kept in mind is that whatever the use, this loan should be paid back in good time. This means borrowing an amount and putting it to good use rather than unnecessary luxuries when paying the loan will not be easy.

Bad credit loans pros and cons

Bad credit loans have both pros and cons. For instance, logbook loans involve several risks, which you can learn morelearn more about here. You only get to experience the benefits of the loan if you made careful consideration when applying for the loan. When the loan is taken without much thought, negative aspects in taking the loan may come out.

Bad credit loans are good for individuals who:

  • Have an emergency need for cash
  • Want to improve on their credit rating
  • Have been refused loans before due to bad credit rating
  • Have a bad credit rating, need to borrow money, and are able to repay the money

Bad credit loans are not good for individuals who:

  • Have an emergency need of cash but are unsure of their repayment ability

Have a very bad credit rating, no security, but need a very high amount of cash