It is a misconception of the borrowers with bad credit problems to perceive that they are not liable of any external financial support. In fact those with credit problems can easily avail finances just like good credit borrowers. If the borrower is in urgent need of cash to overcome some urgent or unplanned needs, he can very well seek the assistance of bad credit payday loans. These loans are specially carved out to provide monetary aid without any regard to credit status.
Those with bad credit problems such as county court judgments, IVA, arrears, defaults etc against their name are eligible for the loans. As the lenders advance the amount without any credit check, this makes it possible for the borrowers to avail these loans in a hassle free way.
Although these loans are unsecured in nature, the borrowers are required to fulfill the eligibility criteria to obtain the loans. For instance the borrower should be employed on a permanent basis with a stable monthly income. The age of the borrower should be more than 18 years and should be a citizen of UK. Along with it, a valid bank account is required where in the amount gets transferred after verification of the details.
Depending on the borrower?s income and repayment capability, lenders approve the amount in the range of ?100-?1500 for a short term period of 14- 31 days. The amount availed can be easily paid back when the borrower receives his next paycheck. The amount obtained can be used to meet unplanned or unexpected needs like paying medical bills, electricity bills, credit card dues, school fees, etc.
These loans have a high rate of interest due to its short repayment term. The fact that the lenders do not charge any extra fee for the bad credit status makes it more popular among the borrowers. Not only this by repaying the borrowed amount, borrower gets an opportunity to increase the credit score.
Bad credit payday loans are offered by most of the lenders present in the financial market. But it is the online lenders who offer these loans at affordable rates. The lenders approve the loan amount instantly so that borrower can easily take care of the urgent needs.