subject: Bad Credit Loans –Can Fulfill Your Financial Needs [print this page] Life is never smooth and easyLife is never smooth and easy. Many a time, a person may find himself in the sea of monetary difficulties. He may also have less than perfect credit record. This creates various problems in availing of finance. So in these circumstances bad credit loans can give a financial help to those in need.
Basically, these credits can be secured as well as unsecured in nature.
Secured finance:
The amount offered to the borrower will be from 500-100000.
The borrower has to place his property or asset as collateral.
The rate of interest charged is also low.
If the borrower fails to repay the amount on time then his property will be at risk.
Unsecured finance:
Similarly, in this the amount obtainable to the borrower will be from 1000-25000.
The borrower does not have to place any property or asset as security.
Since, the borrower does not have to place any security there is no risk for the borrower.
For this the interest charged is also very high.
You can use these finances for your other needs also. For paying your electricity bills, telephone bills, educational fees, library fees and so on. They can be used as and when needed.
There is less documentation process involved under this credit scheme hence; less paper work needs to be done. People with bad credit history, debts and defaults, late payment, arrears, payment overdue, insolvency, bankruptcy, foreclosures and so on can also apply for such finances as there is no credit check.
The eligibility criteria to avail such finance:
You should be a citizen of UK.
You should have completed 18 years of age.
You should have a valid bank account.
You should be well employed with an income of 1000.
The online source is easy and convenient. All the borrower has to do is fill in the application form with the correct details in it .You will have to fill in details like your name, telephone number, bank account number and so on.
