Bank Accounts For People With Poor Credit: The Information You Should Have

Presently hundreds of thousands of people in the United Kingdom are up to their neck in debt

. Realistically, with the ongoing credit crunch it doesn't take much to leave you with bad credit. Subsequently, loans, credit cards, and even accounts become tough to get. You can typically be penalized for this often unavoidable situation for 5 years or more. But the good news is that poor credit no longer means you cannot get a current account --- in other words: there are some feasible alternative options . But what exactly is a bad credit bank account?

Now it's easy to obtain a checking account without any credit checks. As long as you are old enough (sixteen or older) all you have to do is show proof of identification. Even with an Individual Voluntary Arrangement or a registered bankruptcy, you will nevertheless be approved when applying for a bad credit bank account simply by applying in writing and furnishing the essential documents.

Many people think that you cannot get an overdraft or a loan with a poor credit rating, without paying exorbitant bank charges. Fortunately, this simply isn't true. A bad credit bank account offered by a reputable bank shouldn't feature any hidden fees and probably will not charge you anything as long as you stay inside your agreed overdraft limit.

A bad credit bank account won't make it tough to access your funds when you need it. You do not even have to visit the bank any more, as online banking lets you access your money twenty-four hours a day. Are you traveling and need to access your account? That's not a problem with this type of account; a mobile phone is all you need to look at your balance or access your money.

Bad credit checking accounts can indeed have quite a few features that regular accounts plain don't provide. One single application form will typically get you a prepaid MasterCard in addition to that nifty checking account.

Nor are bad credit bank accounts for 'irresponsible' individuals - rather, they're for individuals just like you and I who have been refused credit. It's easy to avoid any embarrassment by filling in your application on the internet and receive a confirmation in a good deal less time than it would take offline. Therefore if you need to sort out your finances, do not wait, apply for a bad credit bank account today.

by: eCredit Doctor

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