Bad credit unsecured loans are offered to people having adverse credit score without keeping any security. You might be amazed after listening this but it’s a fact in the modern era. With the change of time, the competition in loan market has increased tremendously; hence lenders have now started to look at new prospective to earn money. Now a days your current repaying capacity is given more importance rather than your past credit score. Hence if you have a good paid job and handsome bank balance then getting unsecured bad credit loans is not a big deal. People with CCJ’s, arrears and any default payment can easily get these loans.
Prerequisites and figures
These loans are especially made for tenants which either don’t have any asset to keep as collateral or don’t want to risk them. In order to avail these loans you must satisfy he following criteria:
a) you must be a citizen of UK.
a) you must be above 18 years of age.
c) You must have a regular employment and monthly income above £1000.
Your financial status plays a singular role while deciding the loan amount and repayment period. The typical loan amount sanctioned and repayment time is £5000 to £75,000 and 5 to 25 years respectively. The interest rate is a bit high as bad credit rating unsecured loans is approved without any collateral despite of your poor credit score and varies 6% to 19.9%. You can get a cheaper loan if you search the market well. The online search is a got option as all the needed details is available in minimum time. You must be punctual with repayment as in case of failure not only you will be seen as a natural defaulter but the interest rate will increase further which will enhance your financial problems.
Source:http://www.articlesbase.com/loans-articles/
bad-credit-rating-unsecured-loans-tension-free-
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