subject: Personal Loans For Bad Credit Meet Your Expenses Irrespective Of Your Credit Standing [print this page] If you are in need of financial aid and cannot fulfill your requirements because of your bad credit history. Then personal loans for bad credit are the solution for you.
These loans are available as secured and unsecured advances:
Secured advances:
These advances are granted on the basis of an asset pledged as security. Only when this is in place the credit is lent. The security placed must be something of value such as a house etc. The interest rate charged is nominal.
Unsecured advances are applied for by people who do not have any asset to pledge as security. They are granted a smaller amount as compared to secured holders. But the interest rates charged to these people are slightly high due to the risk involved.
Eligibility criteria:
The applicant must be a citizen of UK.
The applicant must be 18 years old.
The applicant should have a stable job with a regular income.
The applicant should have an active bank account.
Personal loans for bad credit are mainly designed for people who have a poor credit record. They do not have to submit any proof or documentation. The borrower is given the advance up to 200 to 25000 and the repayment period is from 1-10 years.
The borrower can also apply for these loans online. The borrower only requires to fill and online application form giving all the necessary details. The lender will verify your details and if he is assured that your information is true, your application is accepted. Thus you have a wide range of the different lenders just at the click of the mouse. The lender is re- checks these details and then grants the advance.
