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Bad Debt Personal Loan
Falling into a bad debt trap is no longer seen as a sin in the modern world of easy availability of money through credit cards etc. To such borrowers, lenders provide bad debt personal loan without hassle if certain conditions are met. Borrowers avail bad debt personal loan for different purposes including home improvement works, meeting expenses on education and wedding, going for a holiday trip, buying a vehicle.
Bad debt borrowers who have a property under their name are eligible for secured form of bad debt personal loan. They provide any property like their home, valuable papers, vehicle as collateral to the lender.
Lenders offer bad debt personal loan in the range of $5,000 to $75,000 to the borrowers. For availing greater loan, borrowers should offer collateral that has higher equity in it. The loan can be repaid in 5 to 25 years. Secured bad debt personal loan is given at lower interest rate which is a big attraction of the loan.
Tenants and non-homeowners, who generally do not have property to take loan against, can also avail bad debt personal loan. Lenders rely on financial standing and steady income source of these borrowers to offer them loan. Because of the absence of the collateral, lenders give a limited loan in the range of $500-$25,000 to such borrowers. The repayment term also remains shorter in the range of 6 to 10 years. The interest rate also is higher for these borrowers due the risk involved in the loan.
Before deciding over the loan, certain precautions should be considered. Borrow only up to your repayment capacity which will enable you to pay the loan easily and you avoid falling into debt again. Remember that a shorter duration loan comes with higher monthly installments amount while under longer repayment term you give smaller amount. You should choose your repayment term keeping in mind your financial capacity.
You should check your credit score also as it goes a long way in availing the loan beneficially. FICO credit score ranges from 300 to 850. Lenders consider a credit score of 720 and above as good while 580 and below are labeled as bad debt.
Apply for bad debt personal loan online. This way you can compare different loan packages offered by numerous loan providers and can choose the one that has comparatively lower interest rate.
Bad debt personal loan can go a long way in improving financial health of the borrowers. Take the loan after going through every aspect of it. Do not forget to pay the monthly installments in time.