Long term bad credit loans can be used by people with poor credit score. They are basically availed in two modes as indicated below:
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• Secured Long Term Bad Credit Loans
These loans are for people with poor credit rating. They are basically easier to arrange and get. These loans will in fact have lower interest rates even compared to some unsecured debts. The interest rates for the secured poor rating personal loans can be lower than for standard mortgages though this is not the case always. Moreover, if the amount of property you are offering as collateral considerably exceeds the loan amount the interest rates offered can be less. The repayment period for these loans is usually spread from 5 to 25 years. The loan amount you can borrow can go up to 125% of the value of the collateral you provided.
• Unsecured Long Term Bad Credit Loans
As compared to the secured loans, unsecured loans for bad credit will have high interest rates. The amount is also likely to be less. The repayment period for such loans is usually spread from 6 to 10 years. Of cause the repayment term will depend on the purpose of the loan. For instance if you take poor credit personal loan for a holiday or purchase of a car, it will be basically for a shorter loan term.
Requirements Of Long Term Bad Credit Loans
• Citizenship. You must have American Citizenship
• Age. If you are planning to get this loan, you must be above the age of 18 years
• Regular job. You must have a regular job that brings regular income to apply for this facility
• Bank account. You must possess a bank account through which all the transactions can be done