Want to go out on a vacation with your family or desiring to buy a car or a property or want to pay of your personal debts. What's the simplest way to arrange money for all these? Yes it's a bank loan. But what about bad creditor? Where will they apply? Who will provide loan them with personal loans? Well the answer is simple; here is a new scheme for all bad credit people- Unsecured personal bad credit loans.
As the name of the scheme is stating, people with poor credit history will be able to get loan without keeping any collateral or any security. In unsecured personal bad credit loans the applicant can borrow an amount up to £25000. There are some basic requirements and formalities to be fulfilled by the applicant so that he\she become eligible for the loan. The applicant can apply online too. This loan will be sanctioned very fast since there will not be any property inspection or related document verification. The lender before sanctioning the loan will check the credit score of the applicant too.
Rate of interest and repayments
The rate of interest charged here is high since the money is provided without any security so lender will be facing maximum risk. The lowest rate charged is 9% APR which may vary. The rate charged depends on the credit score of the borrower and the amount borrowed. The repayment tenure ranges between 1 year and 7 years. The repayment can be done monthly or as decided mutually between the lender and borrower.
Advantages of unsecured personal bad credit loans
o The applicant can apply online.
o The time taken for sanctioning of loan is less
o The money will be deposited directly to the bank account or given as a cheque.
o No collateral to be kept for getting loan.
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