Poor Credit Unsecured Personal Loans

By: Shain Johnson

If your credit history is less than perfect then obtaining a loan from a high street lender can be difficult. A bad credit history can result from previous mortgage arrears, a County Court Judgment (CCJ) or through difficult financial circumstances caused by redundancy etc. To solve these problems, U.K bankers have a scheme which will help the bad creditors out by providing them loan and also give them another chance to resurrect their credit history- Poor credit unsecured personal loans

Brief

A poor credit unsecured personal loan is loan which doesn't require any collateral to be kept to attain the loan money. Different lenders have different range for the amount of such loans. But over all, you can borrow an amount from ?1000 to ?25,000. The applicant has to give some personal details and has to fulfill some requirements set by the lender to become eligible for loan.

Requirements of the applicant

&bullShould be UK citizen and above the age of 18 years
&bullShould be permanently employed and getting constant salary.

Rate of interest and repayments

The rate of interest charged here is high because of absence of collateral and poor credit history of the applicant will put the lender at high risk. The rate charged depends on the credit score of the applicant. Poorer the credit score more will be the rate charged. The lowest rate charged will be 9% APR. The repayment tenure of poor credit unsecured loan ranges between 1 year and 7 years. Repayments done at correct time will help the credit score to improve which will help the applicant in future when applying for loan.

Personal Loans
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