There are many people who are in a need of loan without pledging any collateral. People feel irritated or frustrated when they have to provide proof of credit check or have to undergo any faxing procedure. Those who are poor credit holders feel more hesitated to apply for any mortgage.
Now with bad credit loans provide fast cash to solve all these problems. Bad credit is not that much big problem because of which a person would not take any finance for any monetary problems. A person become a bad credit holder due to arrears, CCJs, IVA, late payments, missed payments, defaults, insolvency, foreclosures, etc. but all these bad records are acceptable. Lenders make no distinction between bad and a good credit holder.
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Here are eligibility criteria which a borrower to fulfill before applying:
o Applicant must be the citizen of UK;
o Applicant must attain the age of 18 years or above;
o Applicant must possess a valid bank account in UK;
o Applicant is doing a steady job and earning a sound source of income.
Bad credit unsecured loans, as the name suggest, as unsecured in nature so borrower need to pledge the collateral against the mortgage. That is why these mortgages are risk free for the applicant. Since an applicant is applying for these mortgages so it is not necessary that security is to be placed. These mortgages are for those who want to have finance without any guarantee.
So tenants and non homeowners who are not able to place any collateral or do not have any valuable assets to place against the mortgages then these finances are ideal for them. Due to absence of security these credits are risky for the lenders. The amount that a borrower can avail with bad credit loans ranges from £1000 to £25000 with flexible repayment term and easy installments.
This amount can be used for many purposes like home renovation, debt consolidation, credit card dues, traveling, wedding, car repair, utility bills, grocery bills, medical expenses, electricity bills, etc. Rate of interest is slightly high due to the unsecured nature.
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