subject: Adverse Credit Bank Account - Get Done With Your Doubts [print this page] If your bank account shows a negative balance, and it is humiliating for you to approach a financial institute, then adverse credit bank account is just for you. So now, it is time for you to get done with your doubts and thus, improve your financial standing.
Here, you get the liberty to draw an amount that can sum up to 200 but should not extend 25,000. The amount that you draw against this loan should be reimbursed within a term of 1 to 10 years.
You get to access these funds in the secured as well as the unsecured form. Hence, there is a possibility for you to avail the same amount with or without the need of risking your assets. However, in both these forms there are some benefits as well as drawbacks involved.
On one hand, in secured forms of financing, you are entitled to pay a small sum as interest. This is due to the property you offer as security in accordance to the terms of the deal. On the other hand, in unsecured advances, the amount that can be availed is limited and the rate of interest charged as well is high. However, it is a decisive option for the applicant as per his ability to make a choice between these forms.
The banker maintains secrecy of accounts so you do not have to worry about what people will say about your financial situation. The banker provides you with a passbook, cheque book and so on.
Eligibility conditions;
You should be a citizen of United Kingdom
You must be at least above 18 years of age.
You must be employed with a regular income.
You should have an ID proof and your address proof.
Every bank has different terms and conditions which you have to follow regularly. You have to have a thorough online search to know about the different schemes that each bank offers. You have to provide the basic details.
