subject: Loans For Poor Credit - Improve Your Credit Rating! [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? Loans for poor credit are your solution!
They have been initiated to 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, wedding expenses and so on!
You can borrow an amount ranging from 200 to 25000 for a period of 1-10 years. They carry high interest rates as the lenders risk in dealing with you is more.
They are of two catergories; secured an unsecured. In case of secured finance you have to place collateral against the credit amount borrowed. It carries a lower rate of interest and also gives flexible repayment terms. If you do not repay the funds borrowed by the due date then the lender will take charge of your collateral and recover the amount.
The unsecured category does not demand collateral. The lenders risk in higher, hence 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 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 assure the lender of your repayment ability and credit worthiness.
Online procedure;
You can also apply for this form of financial assistance 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.
