subject: Bad Credit Loans - Uplifting Ones Credit History! [print this page] Defaults, arrears, late payments, bankruptcy and so on are responsible for a persons bad credit history. Once a persons credit ratings are affected, it becomes exceedingly difficult for him to apply for a loan. This is because the lender is not sure if the borrower will be able to pay the amount back as he has been unable to do in the past. To help such people out, Bad Credit Loans are the ideal option.
Bad credit loans are those finances which cater to the needs of bad creditors. They can be availed in two forms- Secured as well as Unsecured.
If a person avails the secured form, he will be required to place some property as collateral as the lender will require some security. This will in turn reduce the interest rates.
However, if one decides to avail the unsecured form, there is no need for the borrower to place any property as security. The interest rates levied by the lender are comparatively higher due to this. The borrower will not face any risk of losing his property if he is unable to pay the entire amount back on time.
The lender can sanction amounts ranging from 1000 to 25,000 with stipulated repayment tenure of 1 to 30 days.
The borrower needs to fulfill a few requirements to prove his eligibility for the finance. They are as follows:
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 income.
The applicant should have an active bank account.
To avail this finance instantly, one can apply for it online. There is no paperwork required and this speeds up the whole process. One has to fill an application form, submit it, and after verification, the amount is electronically transferred to the borrowers account.
