Personal Loans Bad Credit: A Substitute for Survival

Personal loans bad credit is available for the people of the United Kingdom. People with history of bad credit in the United Kingdom can avail of such loans. It is better to understand what is meant by bad credit. FICO is a statutory body which measures credit scores of the borrowers. The credit scores depend on the borrower's history of repayment. The scores go down if the incumbent has defaulted or paid less or paid late and also if he is faced with arrears, CCJs, IVAs or bankruptcy. FICO has set credit scores within a range between 300 and 850 points. If credit scores for a borrower go below 600 points it is said that his record of credit has been stained. The finance market has provided loans under two forms of which one is secured form and another is unsecured form. Loans under secured forms are available if the borrower can cite evidence of his/her property (cars, a piece of land, house etc) to be used as collateral. Under unsecured form loans of large amount between
£5000 and £75000 may be available. Interest is charged at lower rate and there is flexibility in the period of repayment. The borrower can pay back the loan within 5 to 25 years. Under unsecured form the lenders do not ask for any property to mortgage. But the amount of loans becomes considerably less and this comes within £1000 to £25000. Another important factor is that rate of interest is set at higher level. Personal loans bad credit under unsecured form is required to be paid back within 1 to 10 years only. It is imperative that the applicant must be a citizen of the United Kingdom and that he/she must be at least 18 years of age. The incumbent must be an employee in any legally approved office or plant and he/she must have regular job for the last 6 months to the minimum. It is desired that monthly income of the borrower must be £1000. Further more, he/she must have an active bank account in England. Personal loans bad credit may be regarded as a subs
titute for survival as the borrowers in dire need may secure the money within 24 hours just after approval of their loan application which they can submit online.

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