Bad credit loans are usually given to those people with bad a credit history
. There are people who dot have there their own dwelling and are staying in the residence owned by the city council. If, you are a home owner and looking for a residence. But, you do not have enough of cash then, you can take the help of bad credit tenant loans.
These finances can be unsecured in nature. In this finance the lender will offer an amount to the borrower ranging from 1000- 25000 and the time period offered will be for 1 to 10 years .The borrower has to pay back the amount in the given period of time.
Basically, in unsecured finance the borrower does not have to place any property or asset as collateral .So there is on risk for the borrower .You can avail quick cash as there is no faxing and the paper work done is also very less.
The advantage of bad credit loans for tenants is that a person with a bad credit history can also apply for this form of finance. If the borrower fails to refund the amount on the given period of time then, his property and asset will be at a risk.
The eligibility criteria to this finance are as follows:
He/she should be a citizen UK.
He/she should complete 18 years of age.
He/she should have a good job with a regular income.
He/she should have a current bank account.
He/she should earn an income of 1000.
You can also apply for the online procedure since, it is very easy and convenient .The borrower has to fill the application form with the correct information in it and a proper bank account number .This process is simple and not time consuming.