There is no mentioned time that when you should get urgent expenses and when not to get urgent expenses. Whatever may be the time you got urgent expenses, you should be ever ready to meet the expenses. If you are not able to maintain the expenses from the money in your pocket or from your credit card then you need to take the help of some loans. Being a god credit rating holder it is very easy to get loans. If you are a poor credit the situation gets a little bit tough and if you go for normal loans you need to pay high rates of interest. Poor credit rating loans come to help in these situations.
Types:
Poor credit rating loans are available in the market in two forms - secured and unsecured. In case of secured poor credit rating loans, borrower is bound to put some collateral against the loan which can be anything like home, car, jewelries or anything valuable which has got some equity in it. But unsecured poor credit rating loans don't require you to put any type of security against the loan. The help comes simply at no cost. In case of unsecured loans the loan amount offered will be a little bit low and the rate of interest will be little bit high.
Repayment and interest rate
As the loan is specially provided to poor credit holders, so interest rate charged in this case will a be a bit high. You will avail the loan with an interest rate of 15% APR to 25% APR. But you can get it at lower if you do a proper search for lenders. You can secure an amount up to £25,000 with unsecured poor credit rating loan. But with secured ones you will get a chance to avail an amount up to 125% of the security offered. Repayment term will be in between 5 to 25 years.
Jennifer Morva has been associated with Loans. Having completed his Masters in Finance from Lancaster University Management School, he undertook to provide useful advice through his articles. To find Unsecured tenant loans, Poor credit rating loans visit http://www.poorcreditratingloans.co.uk
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