It is very hard to get loans if you have a bad credit. This is because the FICO grades people based on their repayment capabilities from A to E. Based on their loan repayment records in past, the FICO assess their credit score. A person having a grade has a very good credit. In contrast, a person having a score of D or E is said to have bad credit. Most of the banks and nationalized schemes reject loan applications if they find your credit bad. But if you really need money, you have hope. There are companies which do not care about your past payment records. All they care is about your current payment capability. If you have a steady income, you can opt for bad credit loans.
These loans can be secured or unsecured. For secured loans, you have to place some collateral. The amount you get as loan is some per cent of the current value of the collateral. The process may take some time as the companies need to assess the current market value of the asset.
If you do not have any property or if you do not want to place any collateral, you can go for the unsecured loans. In these cases, you can ask up to 25000 pounds as bad credit loan. You can repay the loan in equal installments from your salary. However, the interest is a bit higher in this case due to the risk involved. But then, you can get the unsecured loan in no time.
To avail bad credit loans, you need to satisfy the following criteria:
1. You must be a resident of UK.
2. You must be working somewhere with a fixed salary.
3. You must have an active checking account.
4. You must be above 18 years of age.
5. You should not have a criminal record.
You may or may not need to submit the following papers through Fax/email:
1. Address Proof
2. Your Employee ID card or latest salary slip
3. A bank statement or the Xerox copy of passbook pages that shows latest transactions.
Once bad credit loans are approved, the borrowers are contacted through the lenders who then discuss the repayment options. Once you agree upon some repayment scheme, you can get your loan amount wired to your account in no time.
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