Leading lavish lifestyles can sometimes make an individual to take loans from the market. Untimely payment coupled with fewer earnings can further increase the financial burden of that person. The result is bad credit history which proves to be an obstacle for that individual to avail any more loans to meet any financial emergency or to repay some of the previous debts. Instant bad credit loans have been designed to help such individuals to overcome their monetary problems.
As the name suggests, this loan can be availed very quickly, in fact the money is transferred to the borrower's bank account within 24 hours. Usually, the lenders to not require any credit check for this loan as it is approved on the basis of the borrower's monthly salary. They expect to get back the loan amount with the borrower's next pay cheque and hence do not see many risks in approving the loan. The lenders only require that the borrower is a permanent employee getting a fixed monthly salary of not less than £1000 for at least past six months. The other criteria is that one has to a citizen of UK, must be 18 years old and must have a valid bank account which is at least three months old.
Instant bad credit loan is a short term unsecured loan which requires no collateral. Hence, students as well as tenants can also avail this loan. This short tenured loan is generally repaid within two to four weeks. The loan amount ranges from £100 to £1500. But, the interest rate is high which is in the range of 15% to 30%. Moreover if the borrower fails to repay the loan amount within the specified time limit, high penalties and fees will be charged which may sometimes make the total borrowed amount taxing to repay. However, if the borrower makes timely repayment, his credit rating is not only improved, but also he will get further loans from the lender of a larger amount which he can easily use to pay off earlier debts.
Instant bad credit loans are easily available on internet through online lenders. To get the suitable deal one need to put in some exhaustive search and compare and contrast various quotations provided by the lenders.
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