Bad credit can ruin a persons chance to avail a loan. Most of the lenders do not give sanction a loan to such people. So what will these people do? Loans for People with Bad Credit can available for UK residents having adverse credit history and score.
These loans can be secured and unsecured as well. In the secured form, the borrower needs to pledge his property as collateral against the loan. The have a lower rate of interest. The lenders lend amounts ranging from £500 to £100,000 with a repayment term of 1 to 25 years.
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In the unsecured form, there is no need to provide any security as collateral against the finance but because there is no security offered, the rate of interest is higher. The amount that can be borrowed ranges from £1000 to £25000 with a repayment period of 1 to 10 years.
These finances are primarily used for two purposes:
To pay off all the earlier debt.
To get a better credit.
Advantages of these credits:
They have better interest rates.
They help people with bad credit satisfy their needs.
Disadvantages of these finances:
In the secured form, the rate of interest charged is very high.
There is also a shorter repayment time for secured bad credit loans.
Eligibility conditions:
The candidate must be 18 years of age, must be a permanent citizen of U.K., must have a stable job and must have an account in a bank for at least six months.
The easiest way to apply for any loan is through the internet. Online application is the fastest and most convenient way of applying for this finance. The application forms are not lengthy and the response time is faster. There is no faxing or documentation required and the processing time is less.
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