We all know that anybody can get into a bad credit situation due to poor planning, uncontrolled expenditures, unforeseen circumstances or inconceivable situations. Or, have a bad credit history due to repeated defaults or non-payment of the loan amount. This category of loan seekers - the bad credit holders - is not new to the world of credit. But, previously, creditors used to shy away from them.
In the last couple of years, lenders have come to realise that an adverse credit situation is not the end of the word. And, as a result, have become more receptive towards the 'sub-prime' category of loan seekers. Creditors now believe that irrespective of the reasons, bad credit holders should be given a second chance to resolve their current money problem and restore the credit record for the future.
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Basically, from a feared set of borrowers, it has changed into a specialised one, and lenders are targeting this group by offering affordable bad credit loan deals. Though available in both secured (credit against collateral) and unsecured (credit without collateral) form, bad credit secured loans are generally easier to get as compared to unsecured deals because they are comparatively safer for the lenders.
As a rule, for a cheap loan deal, the loan seeker must have a good credit history (past two years) and sound payback ability. Hence, sub-prime loan seekers have to settle for high interest rates and stringent loan clauses. But, bad credit secured loans are still gainful for the obvious reason - presence of collateral, which guarantees repayment.
In the world of credit, sub-prime loan seekers are categorised as low or medium or high adverse credit holders on the basis of their credit history, current monetary position (debt to income ratio) and future payback ability (employment status). Based on this information and the value of the pledged collateral (in case of bad credit secured loans) - lenders:
Approve the loan application and the amount Fix the interest rates Finalise the payback terms and conditions
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