How do you decide what's good for you? Once you have started being disciplined in your spending, you will be able to identify what you can save in a month for repayment and make a realistic estimation of your assets.
Re-financing
Your credit score has reached sub-prime and you hope to restore it with a refinancing loan. This allows you to receive the value of your asset and use the finance to pay off your existing debt. This is a way to get loans for people with bad credit and work towards reviving your credit score while you pay a reduced monthly installment. Avoid further debt and cut out unnecessary expenses. Be wary of offers by loan providers whose claims regarding your low credit score may be exaggerated to influence a higher rate of interest.
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Re-financing is a viable option if the value of your asset has increased. Otherwise, you are repaying a higher amount on an asset of lower value. Few lenders are willing to offer re-finance when your credit scores are low. Re-financing comes with high fees. The interest charge is higher to offset the risk of providing loans for people with bad credit. Some re-financing offers increase the tenor of the loan
Mortgage
You can put your property on mortgage in the hope of some reprieve on your owing to the bank. The property remains yours unless you are unable to fulfill your repayment timelines. This is the main advantage of mortgage. But considering the circumstances that drive a person to put their property on mortgage, you will see that the bank is wary of default and charges a higher interest to safeguard itself. Failure to pay leads to being blacklisted. This will affect your future credit requirements for many years to come. There are hidden costs that you incur on this option of loans for people with bad credit.
Flexible mortgages
These try to overcome the drawbacks of a regular mortgage by allowing flexible repayments on the loan. These are especially suitable loans for people with bad credit who are employed on contract or wish to repay the loan with any extra income they earn. Interest is calculated on a daily basis, the balance is adjusted as soon as the payment is done. In the long run, your balance will clear faster through this method than with the standard mortgage. This is a better option when the loan is of a large amount, as in a home loan. Flexible mortgages offer a distinct advantage of flexibility but there is a danger of default payments due to lack of discipline by the account holder. This type of offer will not have the attractiveness of cash back or discounted rates that a regular mortgage offers.
Bad credit loans
There is a plethora of information about loans that are offered against no collateral. These come with a high interest attached and will only add to your woes in the long term. If you have an asset to offer as collateral, you can choose secured loans for people with bad credit. You face the risk of losing your property if you are unable to bear the loan. Re-mortgage property if you are unable to bear the burden of another loan.
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