If you have a history of missed credit payments and bad debts than a bad debt loan could be the only way you can borrow money. The interest rate on a bad debt loan will be higher than that available on mainstream loans but a broker will be able to find the best deal for you. A bad debt loan might be secured on your property, or unsecured and charged at a higher rate of interest. Things to look for when choosing a bad debt loan include the APR, early repayment charges and charges for payment protection insurance. If you repay your bad debt loan on time it may help repair your credit rating.

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