Bills have to be paid every month. They have to be cleared irrespective of the financial troubles incurred by the borrower during that month. If the borrower is short of funds and required quick monetary assistance, he applies for unsecured loans for bad credit.
As the name implies, these advances are unsecured in nature. This means the lender requires no collateral to be placed against the loan amount. The interest rate charged is comparatively high. The approved loan amount depends largely on the annual income and the repaying capacity of the borrower. Lenders usually approve cash that ranges from £200 to £25000 for a period of 1- 10 years.
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The main advantage of these credits is the lack of an asset to be placed as collateral. Thus students, tenants and other such people can also apply for monetary aid.
The eligibility conditions to apply for unsecured loans for bad credit are;
- The applicant must be over 18years of age.
- He must be a domicile of the UK.
- He must have a permanent source of employment.
- His monthly income must be over £1000 per month.
The absence of credit check enables people with bad credit to also avail of a loan. Only the borrower's current status is taking into consideration.
These loans can also be availed of online. With the online process you can get these credits on the same day from the time of application or by the next business day. You simply have to fill up the online application form. When you submit your details, the lender starts working on them by matching your financial requirements and circumstances. The amount is then transferred to your account after the lender has confirmed your details.
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