Bad credit loans come in different forms thus allowing different kinds of borrowers get the ideal loans they desire. We have ensured that our lenders have a variety of loans to offer our clients. The most recognized bad credit loans are both secures and unsecured loans. These loan options include:
Personal loans are the most commonly sought after among bad credit loans. The loan period can range to a maximum of 7 years and the interest rates are usually fixed. This means you get to pay even installments all through the loan period.
The homeowner loan is a lending option where the home is used as security over the loan. A borrower using the home as security is able to borrow huge amounts over a long period. The loan period can be offered for a span of up to 25 years. In case the borrower defaults, the home is repossessed and put up for sale to recover the loan.
Logbook loans are given to borrowers against their car. The borrower is able to get an amount that is determined by the value of the car and the amount that one would like to borrow. You get to keep your car as you pay back the loan to completion. Failure to repay the loan means you lose your car which will be sold to recover the loan amount.
Guarantor loans involve the use of third parties on the loan. The third party is the guarantor who stands besides you on the loan taken. In many cases, different lenders have different specifications as regards the eligibility of the guarantor. Failure to pay the loan in good time means that the guarantor should pay the loan on your behalf.
Installment loans are loans where the borrower is required to pay a particular identified amount over a specified period of time. Personal and guarantor loans can be referred to as installment loans since they meet this criteria.