Types Of Loans When You Have A Bad Credit

Types Of Loans When You Have A Bad Credit:

When you are stuck in any emergency situation where you have to pay your medical bills or your other utility bills that are due from the last month and you have no money, what should you do now?

When most of the people suffer from this option, they turn their ways to banks to get the loans. But if they have a bad credit, they will be completely denied by the banks as these companies don’t trust such people for their behavior in the past. Every bank needs a fair and good credit score, otherwise, they will not enable you to take their loan as you are not standing eligible for it.

Moreover, you are not able to improve your score in this situation of emergency as you need money urgently and your scores may take months to years for their improvement. So, you must have other options than the bank to get the loans as soon as possible so that you can pay all the left dues on time. Let’s have a look at the types of loans you can consider when you have a bad credit.

  • Logbook Loans: these are the types of loans that are given when you have a bad credit and they are given against the car or vehicle that you are using. Moreover, these loans are the most reliable types of loans you can get in case of emergency. The only major requirement for the lenders of the logbook loans is that you must have your own registered vehicle in the UK so that you will get the loan against this vehicle. Don’t worry! Your car will not be in our custody. You can use your car as much as you can and when you will repay all the instalments, your car documents will be handed over to you too. Moreover, there are no other higher interest rates for these types of loans.
  • Guarantor Loans: these types of loans are given in the presence of a guarantor as he will sign the agreement along with the borrower and the lender. It is the responsibility of the guarantor to pay all the repayments if the borrower fails to pay on time or he has missed some repayments. As these types of guarantor must have a good credit score and they must be above age 21 along with a bank account so that he can repay easily.
  • Personal Loans: personal loans offered by My Loan are the best types of loans in these situations as these loans are given against your fixed salary. The major advantage of these types of loans is that My Loan has no special other requirement or extra terms and conditions. You will be charged with the specific amount that is fixed in the agreement and there are no extra charges or hidden fees for the loans. You only have to assure My Loan that you can easily afford these all the repayments with the fixed salary that you get.

For more information and help on bad credit in Singapore visit – http://www.ccs.org.sg/