Bad Credit Payday Loans - Bad Credit? No issues

Bad Credit Payday Loans - Bad Credit? No issues

Do you have a bad credit history? It is true that banks are reluctant to lend to a person with not so perfect credit history. Though all doors are not closed and you have help known as Bad Credit Payday Loans. The lender can sanction a amount of 80 to 1500. The term to pay back the loan can be anything between 1 to 30 days.

What exactly do you mean by the term bad credit'? People who have had CCJ's, defaulted payments, bankrupt or no credit history all of these fall under the category. Even self employed with lack of proof of income are also considered under this. There are financial institutions specialising in catering to such clients.

The borrower should fulfil some criteria before availing this facility

The applicant should be a UK citizen.

He should be above 18 years.

The applicant should be employed with a fixed regular income.

Lastly, he should have an active bank account.

You need to provide an identification and residential proof like driving license, rent agreement etc.

A valid bank account is necessary as the amount is directly credited to you account. Usually there are two types of monetary aids available in loans for bad credit, secured and unsecured. Secured loan as the name suggests is offered against collateral, which could be post dated cheques. The lender in this case charges a lower rate of interest because of the assurance of this collateral. In an unsecured loan there is no collateral and the finance is dispersed if the borrower fulfils all the criteria of the lender. However a higher rate of interest is charged in this.

You are also getting a second chance to improve your financial score. The fiscal aid can be applied online thus speeding up the process, reducing the paper work involved and the hassles. In fact you can compare the services offered by various institutions online and go for the most competitive ones. The repayment is also a very easy process the amount being directly debited from your account while intimation is given to you. The borrower should ensure that the amount is repaid before the due date, failing which the lender can charge a heavy penalty. No upfront fee is demanded by the lender. In this kind of fiscal aid you at times need not specify your purpose and the money can be use for anything like paying that overdue instalment or repairs, debt consolidation.

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