subject: Poor Credit Loans : Improve Your Credit Score [print this page] Sometimes you face financial crisis and the number of debts keeps increasing. In addition, you are also suffering with a poor credit history due to various reasons. How will you overcome your fiscal problem? Poor credit loans are solution for your every fiscal problem.
These loans serve the needs of those with a poor credit situation. The funds borrowed can be used for various purposes such as educational purposes, to consolidate your debts, home renovations, medical emergencies, and wedding expenses and so on.
You can avail an amount that ranges from 200 to 25000 for time duration of 1-10 years. They carry slightly high interest rates as the lenders risk is more in dealing with you.
Poor credit loans are of two categories; secured and unsecured. In case of secured finance, you have to place collateral against the credit amount borrowed. It carries a low interest rate and also gives you flexible repayment periods. If you do not repay the funds borrowed by the period given to you, then the lender will take charge of your security and recover the amount.
The unsecured category does not demand any collateral to be placed. The lenders risk in higher, for this reason it carries a higher rate of interest. They are offered for a shorter period as compared to the secured form.
In order to be eligible for this finance, you must be above 18 years of age; should be a citizen of U.K; be employed with regular income; should have a minimum salary of atleast 1000 and must have a bank account.
Since, you have a poor credit situation; you have to guarantee the lender of your repayment capability and credit worth.
You can also apply for this finance through the internet. You need to fill an application form giving all the necessary details. This method is easy and affordable as you can also compare rates online. It also avoids documentation and the hassles of standing in long queues.
