Bad Credit Unsecured Loans Without Collateral

By: Karen Wardman

You are planning to buy a new home or renovate the old one or going to buy a new vehicle or want to go out for a holiday trip but you can't, due to money shortage. Sometime back availing loans having poor credit used to be a daunting task but recent time has seen the mushrooming of a plentiful of banking institutions and lenders, which in turn has made easy the process of obtaining loans. The problem becomes more problematic for a bad credit holder. Then here is the solution for all financial problems -Bad credit unsecured loans.

Requirements of the applicant:

&bullHeShe should be above the age of 18

&bullShould be a UK resident.

&bullBe permanently employed

&bullShould be obtaining a regular income

&bullShould submit a document showing last three months pay slip or last two years audited tax assessments.

Loan amount and interest rates

These loans help you to get avail amounts ranging from ?5,000 to ?25,000. The applicant need not keep any collateral to achieve the loan. The APR will be decided by the lender by checking the credit history and score of the applicant. The bad credit unsecured loans are applicable to people with bad credit, CCJs etc at a little higher rate of interest. The rate of interest charged for bad credit loans are bit high since there is no security kept by borrower hence the money given by the lender is always at risk. The repayment tenure ranges from 1 year to 10 years so the longer repayment tenure helps the borrower to pay back the amount in time.

Advantages

&bullQuick sanctioning of loan

&bullOne can apply through the internet too.

&bullNo hidden costs

&bullThe rate of interest is fixed.

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