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If you are experiencing debt problems then you may feel stressed and extremely anxious about how your financial future is going to work out, but there are available solutions out there that you can tap into if you are prepared to explore the possibility. Many individuals are in severe debt today with over 2 million UK residents on the brink of financial ruin because they are unable to cope with the level of debt that they are in, therefore it comes as no surprise to find that providers are actually beginning to offer products to match poor credit needs. Bad credit loans take pride of place on that list.

Bad credit loans are available to those individuals that have overstretched themselves financially and are looking for viable solutions to continuing debt problems. They come in several forms, of which the unsecured and secured bad credit loans are the most popular. Secured loans do not tend to take credit ratings into account if they are marketed towards a bad credit audience because an individual's home is put up for security. Should the individual in question be unable to make repayments then his or home would be repossessed to pay the remainder of the balance. Unsecured bad credit loans are available but the interest rates that are payable on them are inflated to around 20% for the most part, and in some cases even higher.

Both options suit very different people, and your own personal debt solution should be tailored to meet your own needs. For example, a homeowner may plump for the lower interest of the secured loan, but the non-homeowner would have no choice but to go for the unsecured loan. Regardless of what loan you choose, you should follow the procedure below when applying for bad credit loans:

1. Assess your options fully. Make sure that you know what products are available out there and how they can actually assist you. You should then compare them to find which ones actually suit you best. There are online tools to help you to do that.

2. After making your decision, contact the provider to discuss your needs and question them about the terms and conditions. The terms and conditions are important, perhaps the most important part of any financial product. Make sure that you know exactly what it is that you will be signing up for and clarify anything that you are a little shaky on.

3. Get a quote and then think about whether you need that product or not. You can also use this time to calculate exactly how much money you owe. It is always best to borrow the whole amount to cover your entire debt so it is essential to work it out to the nearest '100, rounded up.

4. If you are satisfied with the product and your debt solution choice then you should go ahead and apply at that point. An Internet application is often best because you can save the application and go back to it later if you run out of time. You application for bad credit loans will then be reviewed and, hopefully, approved so you can settle on the road to your ultimate goal ' your debt free day!