Are bad acclaim scores making it impossible for you to sleep? But now you do not have to worry because some lenders are ready to provide a helping hand and to secure your financial status.
For this purpose low credit loans have come into existence and are used for repair work on a home or car, holiday tour, wedding expenses and so on. You can also use them to payoff your pending debts.
It serves as a source of risk free borrowing since they have a low credit and they won't be financially stable to pledge any security. To avoid facing any risks the lenders increase the interest rates.
The loan amount ranges from 80 to 1500 for a long period of 1to 30 days all depending on your inflow of income. Also, you can grow out of being a bad credit score holder by simply making the repayments on time.
The repayment scheme can be processed in two easy possible ways:
Through the online method where you are supposed to surf the net for the most suitable lender with attractive rates and offers. This is a non-cumbersome process and only takes a few minutes.
The other is through a more direct method where in you have to fill up the necessary forms with details regarding your name, address, income and purpose of the loan.
Demerits:
The major drawback here is that low credit loans covers a very short period and the interest fees are found to be high. If you require funds on an urgent basis but you somehow know you cannot pay up within 2-4 weeks then this loan is not apt for you.