Unsecured Loans With Bad Credit: Hassle Free Money For The Persons Having Poor Credit Records

The loans offered by the financial institutions are of secured and unsecured types

. Persons applying for secured loans are required to keep mortgage to the bank. However, for unsecured loans with bad credit mortgage of personal belongings like lands, house, vehicle, valuables etc. is not required. The person, with bad credit history may also apply for unsecured bad credit loans. Even a home owner, reluctant to keep his/her house as a mortgage for getting loan may opt for bad credit loan.

To qualify for unsecured loans with bad credit, an individual must be an UK national aged 18 years or more. The person should have valid bank account and be in permanent employment with monthly salary of 1000 pounds or more. There are many companies offering their finance services online. Therefore, individuals may apply online for getting

these loans. The advance amount is directly deposited into the bank account of the loan seeker after 24 hours of loan approval. The borrowers may fetch a sum between 1000 pounds and 25000 pounds under this borrowing plan. The repayment period of the advance is between 6 months to 10 years. The borrowers are required to repay the advance amount in smaller installments.

The funds through this loan plan can be used by the individuals for multiple purposes ie.,

For debt consolidation, car refinance, purchase of new vehicle etc. However, the amounts to be sanctioned by the financial institution will depend on the monthly salary, credit score and incomes from other sources of the individual. There is another drawback of this advance. The unsecured bad credit advances usually carry higher APR (Annual percentage rates). Therefore, persons should carefully study various unsecured loan plans currently available with the lenders. The borrowers should also pay back the entire loan amount to the financial institutions before the expiry of the loan period for avoiding late fines.

by: Mary Jones

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