Bad credits are a common thing. Most of the people, as per a survey, have undergone bad credit at some or the other point of time in their lives. And it is not very hard to repair the credit score too. Even then, the traditional money lenders and bankers shy away from granting loans to people with bad credit. But then, there is a new clan of money lenders who are willing to serve you financially. You can approach these online money lenders for unsecured bad credit loans.
What these money lenders say that past has nothing to do with the present financial capacity of any person. They look at the current repayment capacity of the borrower and accordingly approve the loan amount. The amount approved is determined based on your monthly income. Unsecured bad credit loans do not ask for any collateral too.
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Under the bad credit loans, you can get up to $80,000 depending upon your repayment capacity. You can ask for as low as $500 too. For smaller amounts the formalities are few. They even skip some verification steps. For bigger amounts, you may have to fax in the documents pertaining to your application form. The verification is done properly. Normally, it does not take more than 24 hours to approve your loan application.
The interest on the unsecured bad credit loans is not very high. It depends on a number of factors, including the loan amount and the repayment tenure. For 10K pounds, it may go up to 9.6 per cent. If your credit score is too bad, you may have to pay more. But then, this is the only chance to repair your credit score. It is recommended that you go for the longest tenure available in order to repay the loan without feeling any additional burden. This way you also make sure that your credit record goes up.
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