By Olivia Maaret
The bad credit status can be a major hurdle in the path of loan procurement. There are times when people require urgent finances but are unable to grab due to bad credit status. Therefore bad credit immediate loans are aimed at supplying funds to the people with unstable credit status in UK.
Bad credit immediate loans are the external sources of money that can help people with bad credit history procure easy funds. The main features of this loan are as follows:
- These loans are granted to the people those who do not have a sound credit history
- These are made available to the user in the form of unsecured loans
- One can get a loan amount up to £1500 for all short term needs.
- The repayment period is usually short but can be extended to 5 years.
- The approval and transfer of funds takes place immediately.
- The interest rate levied on this amount of loans is high.
The bad credit history can be caused due to a number of factors like debts, late payments, IVA, CCJs and bankruptcy. To overcome the bad credit status one needs to avail the benefits of these loans. The eligibility criteria for applying for the loan are as follows:
- S/he must be a resident of United Kingdom
- S/he must have an age of at least 18 years
- S/he must have a regular source of income
- One must have a valid bank account
The immediate loans given to the bad credit holder are procured by a hassle free online procedure which is as follows:
- Application: apply through online loan application by furnishing all the details about self and the loan amount to be taken.
- Submission: one must submit the loan application online
- Approval: the loan application will go through the process of approval.
Within seconds the funds will be transferred to the account of the borrower directly by the lender.
Hence bad credit immediate loans are procured by those people who are not able to get external finances due to their bad credit status.
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