Poor credit loans are available to any person who does not have an impressive credit score
. Finance is available for any reason. To pay school fees or electricity charges. To satisfy your need for credit, there are many financial institutions available in the online and offline market. They cater to the needs of people with poor credit. The interest rates offered by them fit the pocket of every borrower.
Types of poor credit loans
Secured The borrower has to place some security against the advance given. The money advanced depends upon factors like employment standard and credit standing of the borrower.
Unsecured In these finances the borrower does not need to provide any collateral against the loan taken. The best deals can be found after research by the borrower. The interest rates are fairly high in these loans, because there is no security to the lender and he is at a higher risk.
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 eligibility criteria are as follows:
The applicant must be over 18years of age.
The applicant must be a citizen of UK.
The applicant must have a stable income.
The applicant must have an active bank account.
Poor credit loans 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 required the following details like name, address, bank account number and contact number of borrower. 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.