subject: Loans For People With Poor Credit Rating - Get Money Easily In Your Tough Times [print this page] Everyone needs loan to balance their financial life at some point of time. Sometimes, while applying for an advance, poor credit rating becomes the main reason of refusal of the loan application. This is because lenders do not want to take the risk of providing the credit to bad credit holders. After seeing the trouble facing by poor creditors lender have decided to give them a chance in the form of loans of people with poor credit rating. It has been designed to give financial help for to the bad credit holders. It saves them from facing humiliation due to the refusal from obtaining the advance.
The amount of the advance ranges from 200 - 25000. The repayment period of the amount advanced ranges from 1 to 10 years. Lenders provide high rates to avoid loss. Failure in repayment will reduce your credit rating and you may be charged with additional fine.
These advances are divided into two types - secured and unsecured. In case of secured ones the only thing you need to have is an asset or property which has a value equivalent to or more than the value of the advanced amount. In unsecured advances everything is same except that you do not have to give any security.
The requirements for getting approved for this finance are as follows:
The borrower must be permanent citizen of the UK.
He/she should be 18 years old or above.
He/she must have permanent income source.
They should hold a valid bank account.
These loans are available in banking institutions and with online lenders, but if you want an affordable loan with easy terms and conditions, online lenders will be the right option. The good thing about online cash advances is that it only takes several minutes to fill out a short application.
