Bad credit can appear in any body's lives. They emerge without any expectations. Bad credit history is something that may haunt you. In today's world, one is frequently being caught up in the web of arrears, bankruptcy, late payments, and defaults and so on.
Bad credit history is predictable on the basis of a credit score that is given to every individual in UK who has previously taken loans. Credit score is an estimate of the financial credit worthiness of an individual.
Bad credit loans are available as secured and unsecured loans.
In the secured form, the borrower has to place his property as collateral against the finance to avail. The lender then has some assurance of the money being returned back and hence, he can charge a lower rate of interest on this advance. You can avail the loan amount ranging from £500 to £100000 and the repayment tenure stretches from 1 to 25 years.
In the unsecured form, the lender does not require any sort of security or collateral to sanction the credit. Due to non-placement of security, the lender charges a comparatively higher rate of interest. The loan amount ranges from £1000 to £25000 and the repayment tenure stretches from 1 to 10 years.
The eligibility criteria are as follow.
The borrower must be above 18 years.
The borrower must be citizen of UK
The borrower must be employed in reputed organization
The borrower must earn income minimum £1000
The borrower must have an active checking account.
You can apply for these finances by using the online method. The application forms are easy to fill out and are readily available through websites. The form is submitted with the click of a button and the money is transferred to the borrowers account after verification within 24 hours.
These funds can also be used for various purposes. The borrower must ensure to make the payment on time to ignore penalty charges.
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Rating of personal loans for bad credit
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