People with bad credit score are the normal people like any of us and so are their requirements. Earlier, it was not easy for them to get loans approved by the lenders. Even there were many loans where credit check blocked their hope of approval. The time has changed a lot. Bad credit loans are specially formulated keeping in mind the need and condition of the people with bad credit.
Bad credit loans are unsecured loans. Credit check is done for the obvious reason that these loans are solely for people with bad credit status. Repayment feature is easy and convenient for the borrowers.
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The monthly earnings are important and deciding factor for the loan amount. It starts from £100 and can be as high as £15,000. This amount is not as big as these are small loans for short term purpose. The interest rate is high as these loans are unsecured, short term and no credit check loans. The borrowers are charged interest for every £50 or £100.
The tenure for repaying the loans is 7 days to 30 days. This can be extended to 6weeks, in situation of failure of timely repayment. The borrowers are charged extra for providing such convenience.
These loans are offered by online lenders. They are fast, easy and time saving. The borrowers have to satisfy few conditions before the amount is approved. The credit report must be updated. The borrowers should have an active account in a bank in his name. The salary of the borrower should not be less than £1,000. The job should be permanent and fixed.
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