Bad credit loans are meant for those who have a bad credit history
. They offend find it difficulty in applying for these finances. They can be used for various purposes.You can use them to consolidate your debts. If you are a poor creditor and you are in need of cash then you can take the help of bad credit loans.
Mainly bad credit loans are secured as well as unsecured in nature.In secured finance the borrower will be given an amount ranging from 500 to 100000 and the time period offered will be for 1 to 25 years. The borrower will have to pay the amount in the given period of time.
These advances can also be used for paying your electricity bills,telephone bills,educational fees,house rent and all the expenses which are been pending. They not only solve your monetary problems but also give a chance to improve your credit records.
In unsecured advance the borrower will be offered an amount from 1000 to 25000 and the time period given will be for 1 to 10 years. In unsecured credit the borrower does not have to place any property or asset as collateral hence, a lower rate of interest is been charged.
Similarly, in secured finance the borrower has to place his property as collateral. So a lower rate of interest is been charged. If the borrower fails to repay the amount on time then his property will be at a risk.
The following criteria should be needed to avail this finance.
He/she should be a citizen of UK.
He/she should be above 18 years of age.
He/she should have a current bank account.
He/she Should be employed with an income of 1000
You can apply for the online procedure since, it is easy and convenient. The borrower has to fill the application form with the correct details in it. Within 24 hours the funds will be transferred to your account.
Kelly Meliss is British writer. She has completed her Masters in English from University of London. She is working as a Financial Advisor with Online Unsecured Loans. Visit for online unsecured loans and bad credit unsecured loans.