Life is anything but a bed of roses. There are many thorns that come along. They maybe financial or otherwise. People who want to apply for credit to solve their financial problems are unable to do so as they do not have an impressive credit history.
Bad credit loans are a saving grace in such situations. The borrower is granted credit no matter what his past is.
This type of financial aid can be obtained by any one to meet various personal financial requirements. These expenses can be; paying wedding expenses, cosmetic surgery, buying a car, home renovation or for repayment of outstanding debts.
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Bad credit loans are available in two types i.e. secured and unsecured. Depending upon the borrower's requirement, he can choose his type.
a) Secured credit; These credits are secured by placing adequate security against the loan amount. A comparatively lower rate of interest is charged.
b) Unsecured credit; These advances do not require any security to be placed. Thus, the interest charged is high.
The eligibility criteria are as under;
- The applicant must be over 18 years of age.
- The applicant must be a citizen of UK.
- The applicant must have a stable source of income.
- The applicant should have an active bank account.
- The applicant must have a monthly salary of over £1000 per month.
- He must have a valid debit card.
The lender sanctions the money to be advanced depending upon the borrowers repayment ability and his creditability. Generally the applicant with a previous bad financial history is granted credit ranging from £200 - £25000 for a period of 1- 10years. If the advance is not repaid within the stipulated time period, he is charged a considerable fine. Since the lender is dealing with people who have a previous bad credit history, the lending rate is slightly higher as compared to other finances.
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