Bad Credit loans- Poor Credit Profile Not an Issue
If you have been labeled with poor credit score chances are that loan providers and financial institutions might shy away from giving you a loan. You have to suffer due to your past financial mistakes. If you too are facing the same problem and you are badly in need of money, then bad credit loans are there to help you out! This policy has been specially designed for people with adverse credit ratings.
Bad credit loans can be in form of secured or unsecured loans. In case of secured loans, the loan seeker has to pledge his expensive asset such as his house. Amount of credit ranges from $5000 - $100,000 for long period of time. The credit you will obtain will depend on the market value of the asset. This has the advantage of low interest rate as compared to unsecured loans.
In case of unsecured loans there is no need of collateral and therefore you are not at a risk of losing your asset. It is a good option for those who cannot place collateral against the loan. You can get a loan amount ranging from $500 - $25000. The total amount of loan will depend on individual’s monthly salary.
There are numerous advantages if a debtor chooses this credit programme such as loan is granted even to persons with poor credit history, collateral is not compulsory, easy repayment options, immediate sanctioning of loan without much paper work, easy to apply etc. Further, a prospective customer can improve his/ her credit score.
With the help of internet facility, applying for bad credit loans becomes very simple and fast. You have to just fill in an online application form with personal and professional information. As soon as the application is approved by the lender, money gets deposited in bank account. Customers are advised to compare various loan quotes from different lenders available online to get a better deal. He can use the amount as he wishes.
To qualify for this loan following conditions are to be fulfilled:
1. Borrower must be a permanent citizen of Australia,
2. Must be of 18 years or above,
3. A regular monthly income of not less than $1000 per month,
4. Must hold a valid bank account.
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