Personal Bad Credit Loans

By: Shain Johnson

Today, bad credit has become a common feature that might happen to just anyone, however careful you might be. There are a number of reasons for which you could earn a bad credit. Some of these include, not being able to pay your previous loan repayments, having a country court judgment against you, credit card problems. However, this does not forbid you from applying for a personal loan. Here is a scheme for all bad creditors- Personal bad credit unsecured loans.

Brief

In this personal bad credit unsecured loans, the lender has no claim on a homeowner's property when they fail to repay. Instead, the lender relies solely on the ability of a borrower to meet his/her loan borrowing repayments. The amount you are able to borrow can start from as little as ?500 and goes up to ?25,000. Because you are not securing the money you are borrowing, lenders tend to limit the value of unsecured loans to ?25,000. This loan is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.

Requirements of the applicant

&bullBorrowers should be employee.

&bullThey must have regular income and it should be at least ?1,000.

&bullThe age limit is 18 years.

&bullBorrowers should be a holder of a current and active checking account.

Personal bad credit unsecured loans: Rate of interest and repayments

The rate charged is high because, due to bad credit history of the borrower and absence of collateral, the lender's money is at risk. The repayment period will range from anywhere between six months and ten years. Personal bad credit unsecured loans are offered not only by traditional financial institutions like building societies and banks but also recently by the larger supermarkets chains.

Personal Loans
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