Bad Credit Loans UK: Helping People with Adverse Credit History
Thousands of women and men in England are tagged with arrears, defaults, less payment, late payments, bankruptcies, CCJ, IVA etc. With credit score of less than 600 marks as per FICO, they are said to have impaired credit record. Borrowers of this kind cannot usually secure finance from the lenders. Normally, the lenders do not want to take greater risks. The finance market of UK has, however, introduced bad credit loans UK to assist the people who have poor credit status.
It is important for the loan seekers applying for bad credit loans UK to go through the terms and condition set for finance of this type. Bad credit loans UK are classified in two categories: secured and unsecured.
The loan seekers who apply for bad credit loans UK in secured form can fetch £5000 to £75000 at lower rates of interest. Interest is charged at lower rates, because the advances are made against collateral. The borrowers are to put up property of worth to get the loan application approved. The lenders can confiscate this property, if they do not get back their investment in time. The borrowers must clear the loan amount within 5 to 25 years.
Question of collateral does not arise when the finance seekers apply for bad credit loans UK in unsecured variant, but they are to pay the interest at higher rates. The repayment period in this case is also shorter. 1 to 10 years are allowed for this. The borrowers are offered an amount between £1000 and £25000.
It is necessary for the finance seekers to be qualified for bad credit loans UK. They are to fulfill a few conditions. An applicant must be a citizen of UK, but his loan application will be turned down if he is not an adult as per the law of England. Another important thing is that he must hold an active checking account. This is required as the payment is made through bank transfer. The payment is made within the next banking day. The applicant must be working in an authorized establishment for at least half of a year last and his monthly earning must not be less than £1000.
The loan seekers can submit the loan application online. It is better to go through the information provided in the respective websites by the lending agencies. The loan seekers should study the terms and condition for bad credit loans UK, before they apply. They can study the quotes and compare the financial involvement in total. It is not impossible to find a quote in which rates of interest are less or in which terms and condition are more advantageous.
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