Sometimes people cannot manage their finance efficiently and some people fail to manage their finance when they are faced with not-before-thought-of expenditure. They fail to pay back previous loans in time and they begin to default. They score less than 600 points as per FICO because of arrears, CCJs, IVAs, bankruptcies etc. These people with bad credit history may not be preferred by the lending agencies. Still the finance market in the United Kingdom has provisions of Bad credit loans to help them.
There are some basic criteria to earn eligibility for bad credit loans.
1. The borrower must be a citizen of the United Kingdom.
2. The borrower must complete 18 years of age.
3. The borrower must have a valid and running bank account in the United Kingdom.
4. He/She must have employment in any legal organization.
5. The minimum monthly income of the incumbent must be not less than £1000.
Bad credit loans may be available either in secured form or in unsecured form.
One should remember the following in case one wants to get bad credit loans in secured form:
1. The lenders demand documents supporting that the borrower own a house or a car or a piece of land in his/her name as the same property is used to be pledged as collateral.
2. The sum of money in the range from £5000 to £75000 may be paid as loans.
3. The repayment tenure is allowed from 5 years to 25 years.
4. The rate of interest is not higher.
The following features are important when bad credit loans are given under unsecure form:
1. The borrowers are not to show evidence of property of worth to be pledged as collateral.
2. They may get loans in the range from £1000 to £25000.
3. The borrowers are to pay the money back between 1 and 10 years.
4. Interest is charged at higher rate.
The borrowers should visit the web sites created by the lending agencies and learn terms and conditions of bad credit loans in details. They may apply for loans online and when the lenders approve the application money is sent to the bank account of the incumbent within 24 hours.
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