Almost every borrower goes through bad financial phase at some point of time that results in many payment mistakes and bad credit tag. Fortunately, still such bad credit borrower has options in taking a new loan and that too without putting property at risk. This means without worrying much about past payment mistakes, one can borrow money to meet any expense on home improvements, wedding, buying a car, debt consolidation, enjoying holiday tour and so on.
Those people whose credit report has late payments, arrears, payment defaults, CCJs or IVAS, one or multiple problems, mentioned against their names are tagged as having bad credit history. This is indication of risks for lenders. If such a borrower applies for unsecured loans the lender's risks only increase further as these loans are provided without collateral. So, in order to cut risks, the lender prefers borrowers whose repaying ability is excellent or good. The borrower therefore should be ready to produce income and employment proof to the lender for better approval results.
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