subject: Bad Credit Loans - Caters To The Needs Of Bad Creditors [print this page] In todays world, one is constantly being caught up in the web of arrears, bankruptcy, late payments, defaults and so on. This degrades a persons credit history, thereby making it difficult for him to avail a loan. In such a situation, bad credit loans come to the rescue of these people.
Bad credit loans cater to the needs of bad creditors. They can be availed in two forms- Secured and Unsecured.
In the secured form, the borrower has to place his property as collateral against the finance to avail it. The lender then has some assurance of the money being returned back and hence, he can charge a lower rate of interest on this advance.
In the unsecured form, the lender does not require any sort of security or collateral to sanction the credit. Due to non-placement of security, the lender charges a comparatively higher rate of interest.
The lending institutions sanction amounts ranging from 1000 to 25,000. The borrower has a stipulated time period of 1 to 10 years to duly pay the whole amount back.
To be eligible for this finance, one must meet the following criteria:
The applicant should be a citizen of U.K.
The applicant should be an adult of 18 years or above.
The applicant should be employed and should earn a regular monthly wage.
The applicant should have an active bank account.
If the borrower avails the unsecured form, he does not stand a risk of losing his property if he is unable to pay the amount back on time. The borrower will have to pay a smaller interest amount if he avails the secured form.
The borrower can apply for this finance by using the online method. The application forms are easy to fill out and are readily available. The form is submitted with the click of a button and the money is transferred to the borrowers account after verification.
