Availing a loan becomes extremely difficult if one has a bad credit history
. Living with a bad credit score is not easy. Many lenders do not provide them with funds as they do not trust their ability to pay back the loan. To aid such people, Bad Credit Loans provide them with necessary credit to fund their expenses.
A credit score is a score which includes all credit information about credit conduct. Errors in repayment of loans, not keeping the same address for a long time, not returning a book etc. can ruin your credit score. Bad Credit Loans are those loans which provide funds to people with bad credit history. These loans can be offered in both secured and unsecured forms.
Lenders offer 200 to 25000 with a repayment term of 1 to 10 yrs. The repayment period depends on the amount borrowed by the person.
Advantages:
This loan is helpful for the people who have a bad credit and who require money in emergency cases.
The interest rates are comparatively better in the secured form.
Disadvantages:
These loans have a really high rate of interest.
In case of secured form, they have a shorter repayment period.
Eligibility conditions:
The applicant must be 18 years of age.
He must have a permanent citizenship of UK.
He must have a stable work and income.
He must have an active bank account.
Application:
The easiest way to apply for these finances is by applying online. There is no need to go personally to the lender for approval. The applicant will have to fill an online application form and provide necessary details like name, age address etc. Then with the click of a button, the application is submitted and the money will reach the borrowers account after verification.