Getting a loan with bad credit
If you’re looking to take out a £4,000 loan, a bad credit rating could be putting a spanner in the works for you. But fear not, there are loans out there for you, even if you have no credit history at all. Taking out a loan – even a bad credit loan – is one way of boosting your credit rating, so long as you pay your installments back in full and on time.
If you want to take out a £4,000 loan for bad credit, it’s good to do your research and – like any loan – find the one that’s right for you. There are two types of loans you can take out, secured and unsecured. Those who are borrowing less tend to opt for an unsecured loan as your property won’t be at risk, but you will have to pay a higher rate of interest. Secured loans however, will have lower interest rates, but are taken out against your home, which will be at risk if you miss any payments or cannot pay in full.