Everyone needs loan to balance their financial life at some point of time. However, people with poor credit rating sometime face the rejection problem due to the bad credit issue. This is because lenders consider the risk when they provide the loan service to adverse credit holders. Loans for people with poor credit rating have been designed for bad creditors so that they can easily take the financial help without facing humiliation due to the rejection of loan application.
These loans are available with banking institutions and online lenders, but if you want an affordable loan with easy terms and conditions, online lenders will be right option.
Basically for the approval everyone has to go under some qualification criteria and the conditions are as follows:
• The borrower must be permanent citizen of the UK.
• The borrower should be 18 years old or above.
• He must have permanent income source.
• He should hold a valid bank account.
Loans for people with poor credit rating can be availed in secured and unsecured forms. Secured form offers the amount when you provide collateral. The loan amount is secured against the property you provide like home, car, or any other valuable property. In the secured form, you are able to get the amount up to £100,000 for the time 1 to 25 years.
If you do not have collateral to pledge, then unsecured form is waiting for you. This form offers you the loan without any security. With the help of unsecured form, borrowers are entitled to get the amount up to £25000 for the time period of 1 to 25 years.