Loans for Bad Credit - Tackling Bad Credit History
One acquires a bad credit history due to defaults like late payment
, arrears, bankruptcy and so on. This tag is a huge obstacle when one wants to apply for a loan. Loans for Bad Credit are those financial tools which help such people get their desired funds.
Loans for Bad Credit can be availed in two forms- Secured and Unsecured. In the secured form, the borrower is required to place his house, car or any such property as collateral to avail the finance. Due to a security being placed, the interest rates charged are lower. However in the unsecured form, the borrower does not have to place any property to secure the advance. Hence, the interest rates levied are higher.
The lenders can lend amounts ranging from $1000 to $25,000. They have a flexible time period of 1 to 10 years to return the borrowed money.
The borrower will not face any risk of losing possession of his property if he avails the unsecured version. People with a bad credit history can easily avail this credit as there is no credit check done by the lender. The interest rates are comparatively lower in the secured form as well.
The borrower has to meet the following eligibility criteria:
The applicant should be a permanent citizen of USA.
The applicant should be an adult of 18 years or above.
The applicant should be an employee at any company and should earn a stable monthly income.
He should also have an active checking account.
The easiest way of applying for a credit is by applying online. The application forms are very easy to comprehend and can be submitted instantly. After submission, the lender will verify all the information and the money is transferred to the borrowers account.
Loans for Bad Credit - Tackling Bad Credit History