Is bad credit haunting you? Is it an obstacle when you are trying to apply for a loan
? If yes, then there is no need to worry as bad credit loans are designed to help you. Bad credit loans are designed to fund people with a bad credit history.
These can be availed in a secured or unsecured form. The secured form requires some sort of security as collateral against the loan. The rate of interest is comparatively less compared to other finance.
The unsecured form does not require any collateral against it, which is why the interest rates are higher compared to the secured one.
The amount that the lending institution would sanction ranges from 200 to 25,000 and the borrowers have a repayment time of 1 to 10 years.
Advantages:
They help people with a bad credit rating to meet their daily expenses by providing them with necessary funds.
The secured form of this loan has better interest rates, as there is security as collateral against the loan.
By utilizing this loan properly, one can pay off all earlier debts.
Eligibility conditions:
The applicant must be a permanent citizen of U.K.
He must be 18 years of age.
He must have a stable job and a regular income.
His monthly salary should not be less that 1000.
He must have an active bank account.
Application:
One advantage of this finance is that you can apply online. The online application form is very simple. You have to fill the form and provide necessary details like name, age, address, income proof etc. and then submit the form. After this the money is transferred into the borrowers account. This process is simple, convenient and hassle free.