Bad Credit Loans – Loans for People with Bad Credit
Bad Credit Loans Loans for People with Bad Credit
Bad Credit Loans are given to people who have bad credit history. They can be used for many purposes. For example, if you have few unpaid debts, you can use them to consolidate your debts. Payday loans are an example of this type of an advance. They carry slightly high rate of interest as they are calculated over a short time span.
Basically bad credit loans can be offered as secured loans as well as unsecured loans .In secured loans, the borrower will be given an amount ranging from 500 to 100000 and the time period offered will be from 1 to 25 years .In unsecured loan the amount ranging will be offered is from 1000 to 25000 and the given time period will be from 1 to 10 years.
The secured form requires placement of security like some property or a vehicle or even a house, thereby putting the borrower at risk. A comparatively lower rate of interest is charged since the loan amount is backed by collateral. The unsecured form does not demand any collateral. Since the amount advanced is not backed by any collateral, the borrowers risk involved is less. Thus a relatively higher rate of interest will be charged.
The online procedure saves both time and money. Accessing the internet provides you with a long list of lenders advertising their offers at different rates. Only an online application form has to be filled for the money to be advanced to your account.
The conditions to be followed for approval of this credit are:
The borrower must be over 18years of age.
The borrower must be a citizen of UK.
The borrower must have an active bank account.
The borrower must have a stable income and a steady job