Bad Credit Secured Loans
Bad credit? You can still borrow cash – but should you?
Bad credit secured loans can help you get money when mainstream lenders won't help you, but you're taking a big risk. The loan is usually secured on your property, and if you can't meet the repayments you could lose your home. Payment protection insurance is a must.
Bad credit secured loans are widely available, and they're designed to help people borrow money when mainstream lenders won't give them the time of day. However, interest rates will be on the high side – you're a riskier bet than Mr or Mrs Average – and the loan is secured on your property, which means if you don't make the repayments you could end up in serious trouble.
Before considering bad credit secured loans, you need to be honest with yourself. Is your bad credit rating the result of problems you've now overcome, or are you a financial disaster area? If it's the latter, then you're taking a huge risk by borrowing more money. Don't forget that if you don't make the payments, you could lose your house.
If you're drowning in debt, bad credit secured loans may not be the best way to fix your finances. It's a very good idea to have a chat with your local Citizen's Advice Bureau, where you'll be able to speak to debt experts who can help you find a way out of the red and into the black.
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