Finance is available for any reason. To pay school fees or electricity charges. Loans for bad credit are a quick fix for people suffering with adverse credit. Finances are lent without considering the financial condition of the applicant. To satisfy your need for credit, there are many financial institutions. They cater to the needs of people with poor credit. The interest rates are nominal; they fit the pocket of every borrower.
They are of the following types;
Secured The borrower has to place some security against the advance given. The money advanced depends upon factors like employment condition and credit standing of the borrower.
Unsecured The borrower does not need to provide any collateral against the loan taken.
The advance lent is in accordance to the borrowers credit standing. Most lenders sanction credit from 200 - 25000. It is advanced for a period of 1 10years. The loan has to be repaid after the completion of the term. The interest rates charged are comparatively high. This is because the lender is at a risk, as he is lending to people who have bad repayment history.
The eligibility criteria are as follows;
- The borrower must be over 18years of age.
- The borrower must be a citizen of UK.
- The borrower must have a stable income.
- The borrower must have an active bank account.
Loans for bad credit can be applied for online. The applicant is required apply for credit on the lenders website .The lender checks the details of the applicant and sanctions the credit. The application form requires the following details. Such as, the name and address of the borrower, bank account number and his contact number. Some lenders also ask for the birth date. After the required information is received, it is verified and the borrowers credit worthiness is determined. With the basic details approved, the finance will reach your account within just 24 hours.