In addition to these secured loans there are also unsecured loans that can be acquired also however they can be a bit more difficult to obtain.
Due to the fact that your credit is bad it is rather hard to convince a creditor or lender that you will be able to make the required repayment terms of your loan. What you find however is that in today’s financial climate many UK lenders have a network of businesses that will deal with individuals that are considered high risk.
One drawback to bad credit loans is that you will usually find that your interest rate will be much higher than that of an individual that has good credit. This is part of the give-and-take that you must deal with when trying to obtain a loan when you have bad credit.
If you decide that one of these loans is for you you should be sure to thoroughly understand all the terms and conditions that are in the contract before signing on the bottom line.