Credit history is very key in generating once credit status. A bad credit loan is a loan advanced to people with bad credit history due to their past defaulted/missed payments, when a credit request has been rejected before or where one has never taken a loan before. A bad credit rating attracts higher interest and APR rates. Several years ago, one would never know whether they would actually qualify for a loan unless they applied for one in times of need. However, today an individual can tell exactly or approximately what amount of money they can access from a loan direct lender.
A bad credit loan eligibility calculator checks on credit history which depends on amounts borrowed, available credit remaining for rending and number of times defaulted on past loans. A score of 600 is poor while at least that of 700 and above is considered good. First name, address, post code, dependents and date of birth are required for your loan application.
Bad credit loans are a last option type of finance. They are taken when nothing else can be done to manage financially. However, it is also a good way to repair a negative credit rating if timely payments are made on time. In addition, one can take a bad loan to consolidate debt and have a longer repayment period as well as lower interest rate.
Credit reference bureaus have been set up to help check on credit performance and help safe losses incurred by defaulted loans. Poor credit scores are easy to gain, and hard to shake off. Why not start today and rebuild your credit rating, by taking a bad credit loan. Use the bad credit loan eligibility calculator to find out how much you could receive.