Bad credit history is like contracted with an infectious disease. It spreads quickly and the fact is supported by statistics which shows that 40% of the Britons are now having bad credit problems. Bad credit means loss of creditworthiness and this is the reason for which lenders feared to offer them loan plans earlier. Any request for loan by people with bad credit score was destined to be declined. If lenders approved the loan, the borrowers were charged an extravagantly high rate of interest. But the time has been changed, seeing the increasing number of bad credit borrowers and competition in the UK loan market. Now bad credit people can even avail loans without pledging any security.
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Bad credit unsecured loans do not require attachment of any security to avail the loan. The borrower can apply for the loan without any fear of losing the immovable property . Thus, this loan paves the way for a better life even if the loan applicant is a tenant, non homeowner, or student . Apart from this, these loans do not take credit record into account. Repayment capability of the borrower is the sole criterion for loan approval. The general amount made available through loan ranges from £ 500 to £ 25000. As these loans are without any security, limited repayment duration is granted to the borrower and the repayment term stretches form 6 months to 10 years.
The borrowed money under bad credit unsecured loans can be used for several personal purposes such as, buying a car, paying outstanding bills, financing wedding cost, going for luxury holidays, college fees, and for debt consolidation purpose. The rate of interest is usually higher with this loan, as the risk factor is on the lender's side. However, the tough competition in the market and E-lending have great effect on the interest rate prevailing in the market. If the borrower performs a good online research, he can avail these loans at a competitive rate of interest.
The main advantages of bad credit unsecured loans lie in the fact that, borrowers are not at all required to provide any asset as security against the loan amount. So there is no risk for any property of the borrower if he fails to repay the loan amount on time. Moreover, the absence of security makes the loan approval process faster and easier as no time is wasted in property valuation and its documentation process.
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