Unsecured Loans Bad Credit - When You Do Not Want To Place Collateral
When expenses create an obstacle it is advisable to clear them off in time
, as if you pile them up then they only tend to increase. When you do not have enough money and you do not have collateral to offer unsecured loans bad credit will help you.
These are especially introduced for those suffering with a poor credit history and in addition do not have collateral to place.
You are offered an amount ranging from 200 pounds to 25000 pounds. The repayment period ranges from 1- 10 years. This period can also be extended. However the lender will charge you an additional fee every time you extend the repayment period.
The funds borrowed may be used to clear off your debts, pay off your educational expenses, wedding expenses, arrange for a holiday tour and for other purposes that suite the borrower.
In this form of finance you are not required to place any collateral against the credit amount borrowed. Thus this type of finance carries a higher rate of interest as compared to the secured category. The lenders risk in dealing with you is more. You do not have to worry about loss of security as you do not place any collateral.
To be eligible you need to fulfil the following conditions:
You have to be a citizen of U.K.
You should be above 18 years of age.
You should have an active bank account
You should also be employed with a regular income of at least 1000 pounds.
The application procedure is very simple.
Advantage;
You do not have to worry about losing your valuable property as you do not place any property.
Disadvantage;
They carry high rates of interest as there is no security to back the credit amount.
The online medium is very convenient. You just need to fill an online application form with all the true and important details. The lender verifies your details. This mode helps you get a wide range of choices of the interest rates charged by the different lenders.