Borrowers having bad credit history were earlier considered to be untouchables in the loan market. Their credit report is blemished with records of arrears, defaults, late payments, CCJs and IVAs. But with increased competition, a whole group of lenders have emerged providing loans to these people in the form of poor credit loans.
As the borrower is already tagged as a bad credit, lenders will first of all make sure that he has the ability to pay back the loan. Decision on interest rate will not only depend on credit condition but also on income, repayment ability and presence of collateral.
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