Getting a bank loan is very fast and simple process nowadays. If you are a good credit history person the loan will be sanctioned swiftly. But the problem occurs with the bad credit rated people. They can only achieve loan with keeping some security and still the rate charged is high. What about those who need money for there personal requirements and don't have collateral to keep. Well here is a solution- Unsecured bad credit personal loan.
Brief review
Unsecured bad credit personal loans will help you get loans for all your personal needs without keeping any collateral. With this loan the applicant can borrow an amount up to £25,000. In this loan the applicant has to provide the lender some information like details of the applicant, why he\she is applying for loan, where the money will be used etc. The loan sanctioned here is very fast since there is no property or related document verification as in secured loans.
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Rate of interest and repayments
Since here the loan is sanctioned without keeping any collateral hence the rate of interest charged will be high. This is in order to sustain confidence among lender that they will get their money back in full since in this loan always lender's money is at stake. Any defaults in the payment will affect the borrower since the rate of interest will increase further. The repayment tenure depends on the amount of loan taken. Normally it ranges between 1 year and 10 years.
Advantages of unsecured bad credit personal loans
o No security to be kept to obtain the loan
o Longer repayment tenure
o Timely repayments can improve the credit score
o Can apply online too
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