'Credit' is somewhat a deciding factor in the finance world today. The things start becoming worse when 'Bad Credit' comes into picture. The problem can be sorted out by improving your credit rating. But what is the way out, when a person needs loan in the prevailing circumstances of bad credit? The only in such circumstances is: 'Loans for people with bad credit'.
Some features
These loans are, as the name specifies, specially designed to meet the requirements of poor credit holders in an easy and quick way and this is the most remarkable feature of these loans. Any one facing CCJ's, an order of court to pay an outstanding debt or bill or any other monetary problem can avail these loans.
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Usually the loans for people with bad credit are given for amounts ranging from ¤100 - ¤1000. To qualify for the amount you should have-
o At least a regular monthly income of 1000.
o A checking account of active for at least 6 months for transaction to take place.
o At least the age of 18 years.
Loan Amount and Rates
The loans for people with bad credit are available in both the formats: secured and unsecured. In secured loans for people with poor credit, the borrower can get a loan sum equivalent to 125% of the value of the asset kept as the collateral. The upper limit here touches the mark of £75000, but it varies from lender to lender. The interest rates vary somewhere around 10% APR.
Places and procedures of availing these loans
Loans for people with bad credit are provided by the online lenders. The main facility of taking a loan through online process is that it involves least hassle and so the approval comes in time. All you need to do is to surf the internet for a while to locate the best suitable lender as per your requirement and apply to him. Once you submit the papers regarding your details you may expect the funds in your account within a few working days.
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