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One of the worst things that you can do in life is getting a bad credit history. If you get a bad credit history it becomes very difficult for you to get loans from any place and any bank.I found this the hard way when I went to get a loan for my new car. It so happened that when I took out a loan for my last car I was unable to meet one of the payments and having defaulted on a single payment made me a target for the bad credit history sheeters.

Bad credit history may rise due to defaults, arrears, CCJ, IVA and bankruptcy .These can make your credit history look bad.APR in these regard is very important. Before taking loan one must check all the charges for the loan. Apr is annual percentage rate which includes all the charges for a loan.

Bad credit history secured loans are secured against your assets. Generally it is your house but any property or valuable things can be placed as asset. These loans are safe for the lenders. That is why the lender gives larger amount of money as loan. The loan term can be extended. The rate of interest is generally lower than the unsecured loans.

The amount you can borrow depends on the equity value of your asset which you have placed as security for the loan. The loan amount for these loans varies from £5000 to £75000. The loan repaying term varies from 5 years to 25 years. The rate of interest depends on the asset and paying ability of the borrower. However if the value of equity is more than the loan amount, the rate of interest decreases little more.

The loan term can also be extended which entirely depends on your convincing talent.Secured bad credit loans are offered by banks and lending institutes. Online lenders also offer these loans. They are reliable and faster. All the formalities are done online. Within one day the loan amount is transferred to your current checking bank account.