People with damaged credit always see their options limited when it comes to securing a loan. Like everybody else, they have two options: choosing between a secured and unsecured loan. While lenders offer high interest rates to bad credit borrowers for both loan types, secured personal loans typically features better terms, as they offer longer periods for repayment and lower payments, when compared to unsecured loans.
When applying for loans designed for bad credit borrowers, you would have to choose between shorter-term unsecured or longer-term secured loans. When it comes to history of bad payments, more restrictive terms, applicable to rates, length, and loan amounts should be expected by a borrower. However, such loans are specifically designed for those, who desire to get back on track financially and leave past credit problems behind. You should research both of these options before considering one of them. More detailed information on each kind of loans is presented below.
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