Bad Credit Long Term Loans: Options for Persons Who Have History of Bad Credit

April 24, 2010 - PRLog -- People live with common and individual dreams and some dreams are associated with long term demands, demands for building or purchasing own home and things like this. In order to fulfill their cherished dreams they require large sum of money which they may not have with them or they may not be in a position to get easily for some other reasons. One of the reasons may be that they have earned a name for having history of bad credit. Despite all these factors behind, they can be assured that this article will enable them learning how they may be benefitted by bad credit long term loans.

Bad credit long term loans are for those people who have borrowed on earlier occasions and have failed to pay back the money as per terms and conditions. It happens that the borrower becomes a defaulter. It happens that he has always been late while paying back. His records of CCJs, IVAs or arrears cannot assure another lender. It is also a matter of great concern for the lenders if the borrower has record of bankruptcy. Still people with bad credit may get bad credit long term loans.

Bad credit long term loans are available in two known forms: secured form and unsecured form.

In the secured form a borrower is to cite proof in support of ownership of his home or any other property of this kind which can be pledged as collateral. In this case he will have certain advantages:

  1. Amount of loan between £10 000 and £75 000 may be advanced to him.
  2. Tenure for repayment may be longer, that is, he may pay back within a period of 5 to 25 years.
  3. The rate of interest may be considerably lower than what it is in the unsecured form.


In the unsecured form terms and conditions of the loans are a little tough:

  1. The borrower is generally eligible for a loan amounting between £5 000 and £25 000.
  2. He is asked to pay back the total loan plus interest from six months to 10 years. Sometimes lenders want that the money should be repaid within 5 years.
  3. In this case the borrower is charged with higher rate of interest which, at times, may be as high as 20% APR.


It is not difficult to get the money on bad credit long term loans as lending agencies are available in plenty. There are many web sites designed for this purpose and one can apply online too.

Ella Trant  is Financial advisor of Long Term Loans For Bad Credit People.For more information about long term loans no check,long term loans,bad credit long term loans visit http://www.longtermloansforbadcreditpeople.com

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Ella Trant is Financial advisor of Long Term Loans For Bad Credit People.For more information about long term loans no check,long term loans,bad credit long term loans visit http://www.longtermloansforbadcreditpeople.com