subject: Loans For Bad Credit - An Ideal Solution For Your Not So Good Credit Situation! [print this page] There are times when we are faced with financial crises. Since you have a poor credit history you cannot find a suitable lender as each of them look at you with an eye of suspicion. You do not have to worry if you apply for loans for bad credit. The funds borrowed can be used for various purposes such as to consolidate your debts, home improvements, marriage expenses, educational purposes, car purchase and so on. You can borrow an amount ranging from 200 to 25000 for a period of 1 to 10 yrs.
They are in secured and unsecured form. In case of secured credit you have to submit collateral against the funds borrowed. This form of an advance carries a lower rate of interest as compared to the unsecured form. If you are not able to repay the amount by the due date the lender will take charge of your collateral to recover the amount of the funds.
In the unsecured form of finance you do not have to place any collateral against the loan amount borrowed. This however increases the lenders risk in dealing with you. Thus it carries a slightly higher rate of interest. They are offered for a shorter period.
Eligibility:
1.You must be a citizen of UK.
2.You must complete 18 years of age.
3.You should be employed with regular income.
4.You should have a bank account.
5.You must have a minimum salary of atleast 1000.
Since you have a bad credit history you must be able to prove your repayment ability and your credit worthiness to your lender.
You can also apply for this kind of loan through the online procedure. All you need to do is fill in an online application form giving all the necessary details. You may also have to provide a bank statement and employment records of the past months. The online procedure is very simple and convenient. It helps avoid a lot of documentation and the hassles of standing in long queues.
