subject: Bad Credit Loans - Easy Funds For Bad Creditors [print this page] A bad credit history can ruin a persons chances of borrowing money from any institution. This is because the lender will not sanction a loan to a person who is a bad creditor. In such a situation, the person can apply for bad credit loans to avail finances.
Bad Credit Loans are finances which cater to needs of people who have a poor financial standing. These advances can be availed in two forms- Secured and Unsecured.
The secured form can only be availed by the borrower if he places his property or any asset as collateral against it. Since the lender will have assurance that the borrowed money will be paid back, he charges the borrower with lower interest rates.
In the unsecured form, the borrower is not required to place any property as security to avail the credit. Due to this reason, the lender will charge the borrower with a high interest rate.
The lending institutions can sanction an amount ranging from 1000 to 25000. The borrower will get a stipulated time period of 1 to 10 years to pay the amount back.
Defaults, arrears, late payments, bankruptcy and so on give the person a bad credit score. These credits cater to the urgent needs of such people.
The borrower has to meet certain criteria to be eligible for this finance. He has to be a valid citizen of U.K., he should be an adult of 18 years of age or above, he should be employed in any organization and should earn a regular monthly wage, and lastly, he should have an active bank account.
The online mode of application is very convenient and saves a lot of time of the borrower. The online application form is very easy to fill out and can be submitted with the click of a button.
The lender will then verify the information and electronically transfer the money to the borrowers account.
