Faxless Bad Credit Loans are given to people who have a 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 high rates of interest as they are calculated over a short time span.
This finance usually carries an extremely high interest rate and may require some type of possession as security for the advance. They may also require a co-signer to limit the risk involved with lending money to an individual who has shown poor credit history in the past.
In this the borrower will offer an amount ranging from 200-25000 and so the time period offered will be for 1 to 10 years.
Your debt can easily be reduced at a lesser cost. These advances can be used for your education, holiday, home improvement, automobile and other such purposes. They not only solve your monetary problems but also give you a chance to improve your credit records.
These advances can be secured and unsecured:
A secured credit is more easily available than an unsecured credit. At times the interest rate on secured advances can be higher than the standard interest rate. If the value of security you provide is significantly higher than the loan amount offered then the interest rate may be lesser than the standard one.
Unsecured advances usually have an interest rate higher than that of secured advances. In this the borrower does not have to place any security or asset as collateral and so the interest charged is also high.
The eligibility criteria:
You should be a citizen of UK.
You should be above 18 years of age.
You should have an active bank account.
You should earn an income of minimum 1000
Online credit providers however utilize a different method of searching these advance deals for its borrowers. When an application is received for this credit, the borrower will receive a response within a short period if he can obtain the advance. But this is not a final approval of the advance. It is just an indication from the lender to the borrower that the advance will be sanctioned provided certain conditions are fulfilled.