Are you burdened with the weight of too many expenses? Need financial assistance and do not have collateral to offer? In addition do you have a poor credit history? Avail unsecured loans for bad credit. They are like a single answer to all your problems. However you must prove your repaying ability and assure the lender of your credit worthiness.You are offered an amount ranging from £1000 to £25000 for a period of 1- 10 years. They carry a high rate of interest. You do not have to place any collateral against the loan you borrow. Hence the lenders risk is not backed by your pledged security.
The funds borrowed may be used for several purposes like for renovation of home, purchase of car, educational fees, and medical emergencies and so on. There are no restrictions on the usage of this finance.
Sine you have a bad credit history you must make full use of this form of credit to consolidate your debts and change your credit rating from bad to good. Tenants and non-homeowners can also avail this finance.
In order to be eligible you need to fulfill the following criteria;
• You must be a citizen of U.K.
• You must be above 18 years of age.
• You should be employed with a regular income of at least £1000
• You must have a valid bank account.
You can also apply for these advances through the online mode. All you need to do is fill an online application form giving all the necessary details. The lender will verify the details to ensure that you have sent in the correct information. It is very convenient as compared to the traditional mode. Access the internet to compare the different interest rates charged by the different lenders. It also avoids lots of documentation.
Summary:
Unsecured loans for bad credit are very beneficial when you do not have collateral to place or rather do not want to place a security. They can be availed by all kinds of borrowers. Ti helps you in improving your credit rating.
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