bad credit lenders

However, the unsecured bad credit loans do not require the borrower to pledge any collateral. The borrower can apply for a loan ranging from £1000 - £25000 for a period of 1 to 10 years. This loan carries a high interest rate, as there is no involvement of collateral.

To measure your credit score Fair Isaac Corporation Scale ( FICO ) has laid a scale ranging from 300 to 850. The scores are based on a several factors related to the borrowers’ credit history like late payments, time period of the loan, amount of loan, residence history, negative credit information if any and the repayment history.

FICO score of 700 indicates an excellent credit score. A score from 680 to 699 is considered good, while a score from 620 to 679 is a fair credit range. Bad credit starts from 580 and below. It indicates that you are in trouble and warn you to repair your score.

Borrowers can use the amount for various purposes like debt consolidation, education, home improvement, and wedding or health expenses. There is absolutely no restriction in usage of these loans.