Unsecured Loans For Bad Credit - Financial Assistance Available To All
Everyone one at some point in time requires financial assistance
. But availing of such advances is not always easy. People with poor credit histories are not granted credit. But is the thing of the past. Advances are granted to people who do not have a perfect credit record. Unsecured loans for bad credit are an example of this.
These advances are designed to suit the needs of people who do not have any property of their own to pledge as collateral against the loan amount. The repayment period is flexible. These are generally short term credits. The lending institutions can sanction amounts ranging from 1000 to 25,000. The repayment term ranges from 1 to 10 years. Before lending the amount the lender does a background check on the applicant regarding his credibility.
Advantages;
The applicant does not keep any asset as security. Thus he does not face any risk.
The repayment term can be extended by the lender if the borrower gives the lender prior notice.
People with who do not have impressive credit history can also apply for the same.
Disadvantages;
As there is no collateral placed, the interest rate is high.
If the borrower does not repay the credit within the stipulated time frame. A fee is charged.
Eligibility criteria;
The applicant must be a permanent citizen of U.K.
The borrower must be 18 years or above.
He must have a regular job at any organization and must have a stable monthly income.
He must have an active bank account.
These advances can be applied for online. The online application form is very easy to fill and there is not much documentation as well. After submission, verification is done and then the money is transferred to the borrowers account.