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Loans for Bad Credit People - Instant Loan for Bad Credit Holders

By Ella Trant Subscribe to RSS | February 3rd 2012 | Views:
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Having a poor credit score in itself is quite bad, but worst is when you really need the cash but are not able to obtain it, all due to your past financial mistakes. Most of the financial institutes and lenders would rather choose to give their money to people with good credit history. Nevertheless there are some private lenders in market who cater specifically to loan seekers with bad credit. Thus bad credit holders like CCJs, IVAs, arrears, defaults, bankruptcy, foreclosure, late payment, missed payment or insolvency also avail a chance of getting ‘Loans for bad credit people’.

Loans for bad credit people come in two variants. In first form you can go in for secured loan which means that you will have to pledge collateral to the lender. Collateral could be any valuable asset like your house or your vehicle. The advantage of secured loan is that you can get a loan ranging from £ 5,000 to £75,000 based on pledging collateral of the borrower. The repayment period is also longer i.e. 5 to 25 years at a low rate of interest. However, if you are not able to pay back the loan on time then there is a risk of losing your asset.

Another form of Loans for bad credit people is one in which you don’t have to pledge collateral also called as unsecured loan. In this case the amount of loan you can get is in the range of £1000 to £25000 which has to be reimbursed within 1 to 10 years. Interest rate charged on this amount is a bit high.

An applicant can use the amount granted to him for whatever purpose he wishes. It could be for child’s higher education, a wedding, consolidating of debts, paying off medical bills or even starting a new profession.

You can use online mode to submit the application. It is extremely easy to fill-in the form which is available on lender’s webpage. You have to give some basic details regarding yourself, your job and your bank and submit it. The cash will get deposited into your account within 24 hrs subsequent to the approval of the application.

Ella Trant - About Author:
Ella Trant is Financial advisor of Long Term Loans For Bad Credit People.For more information about no credit check loans, bad credit loans visit http://www.longtermloansforbadcreditpeople.com

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