Unsecured Bad Credit Loans obtain Cash Without Security And Bad Credit History
Unsecured bad credit loans are for those people who do not possess any security and have a bad credit
. A person applying for such finances agrees to pay back the loan within a given time. This type of credit can also be called a signature loan. Unsecured loans can be used for various reasons like for buying a luxury car, debt consolidation, home improvements and so on. They can be used as per the need of the borrower.These loans are short term in nature. The finances can fulfill the desires of the borrower. The lender lends the amount of credit without any security. The entire risk is borne by the lender. Thus, this advance carries a high rate of interest. The lender generally lends the borrower an amount ranging from 200- 25,000 and for a period of 1-10 years.
Advantages:
The borrower does not have to place any property to face any risk with regards to losing his belongings.
The repayment period can be extended by the lender if he wishes.
Applicants possessing bad credit history can also apply for this finance.
Disadvantages:
As there is no collateral. The interest rates are high.
If the repayment term is extended, the lender charges an extra fee.
If the borrower fails to repay the amount, after commencement of the term, a penalty is charged.
Eligibility Criteria:
You should be a citizen of UK.
You should have completed 18 years of age.
You should have a valid bank account.
You should be well employed with a minimum income of 1000.
Unsecured bad credit loans can be applied for online as well. There is hardly any documentation process involved under this credit scheme, hence, there is less paper work to be done. This process saves time. The application form contains details such as the name, age and address of the applicant. He is also required to provide details of his bank and social security number.
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