People who posses a previous history are not always eligible to apply for financial aid. But lately, bad credit loans have taken the money market by storm. Nowadays people with poor credit histories are also granted fiscal aid.
The lenders issuing these loans undertake a lot of risk. People can avail of these advances for any purpose. Such as to cater to their personal needs, they can easily apply for these finances. No hurdle is posed in the loan approval process.
These loans are lent in good faith. The borrower is only required to convince the lender that he can repay the credit lent within the stipulated time frame.
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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. They have a lower rate of interest. The lenders lend amounts ranging from £200 to £25, 000 with a repayment term of 1 to 10 years.
In the unsecured form, there is no need to provide any security against the finance but because there is no security offered, the rate of interest is higher. The borrower may apply for these advances either to pay of previous debts or to improve his credit rating. As the lender is dealing with people who have a bad financial past, he charges a high rate of interest. The repayment period is flexible.
To be eligible for such advances the borrower must be;
- A citizen of UK.
- He must have a stable job.
- His monthly salary must be over £1000 per month.
- He must have a bank account and a credit card in his own name.
- He must be over 18years of age.
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