Category Archives: Loan Tips
Head Off With Payday Loans And Crack Your Fiscal Crunch
The UK economy is seem to be crawling out of recession, so the short term lending has become an advantage to everyone’s budget. Therefore, the nation’s bad economy conditions and the rising unemployment is molding short term lending into a very important tool for consumers.
Since, the UK is stuffed with middle class majority, so the number of people holding salary per month are finding small borrowings a way out for their financial short comes. For many people, it had become a way out for paying bills, meeting education fees etc until their income falls in hand.
Unfortunately, the payday loans are marked by excessive fees, exorbitant interest rates and certainly late fee. Moreover, it has become an only reason for crafting new laws designed to reign in the fees and interest rates that this form of lending charges on borrowers. But, with hike in demands, consumers are asked to take the loan seriously and avoid excessive spending and excessive amount in fees and penalties.
Payday loans are especially designed for salaried people who are kept tide until they receive their next wage. The borrowers could easily avail their desired amount by making an online application. As a result, borrower could get to save his/her precious time because of less documentation process. Therefore, its procedure becomes more relevant when it depletes times and provides the borrower with an instant cash approval.
Since, the market of UK is overflowing with payday loans, so people are quite high with their confidence level. Thus, it can be availed by those people also who are struggling to get loan due to their bad credit score. Bad credit rating could be in any form such as bankruptcy, CCJs, IVA, defaults, missed payments etc. therefore, now your bad credit profile can not be a hindrance in your way.
Nevertheless, in order to get through the process of application and there after getting it approved, the borrower would have to qualify the eligibility criteria. The criteria is decided on certain grounds such as :
- The borrower should be 18 years old.
- The borrower should hold the citizenship of the UK.
- The borrower should also have a regular source of income and should pick minimum income of £750.
- The borrower should have an active account in which the lender could perform his transaction.
Therefore, if the borrower carries all the above mentioned criteria, then he/she is legally eligible to attain the desired amount.
After the borrower is through with the approval then he/she can attain the amount ranging between £100 to £1500. Whereas, the most amazing part is that it comes with a very short period for repayment that has to be completed within 14 to 31 days.
Therefore, payday loans are the most reliable form of borrowing on which the borrowers could easily rely upon and could further prevent their credit score from exacerbating.
Unsecured Bad Credit Loans: opportunity to restore your credit history
Things dont go always as per your plan. Ups and downs are expected in everybodys life. Even a divorce, loss of employment, pending court proceedings etc can cause such situations. Even financially sound people sometimes face unexpected financial crunch and at that moment he or she becomes hapless. Then, their credit history became tarnished and they assume Bad Credit History. Almost every bank or financial institution doesnt prefer to lend money to such credit holders. This often leads to denial of loan applications or else, lenders charge exorbitant interest rates on the loans proffered. So it becomes even tougher to get a loan for them. For such individuals, the best possible option is to go for an unsecured bad credit loan. With the help of these loans one can meet any of their financial requirements like paying off impending debts, meeting urgent financial emergencies, filling their childs college or school fees, etc.
The main attributes of these loans are that anybody can apply for these loans, irrespective of whether he or she is a tenant or house owner; good credit holder or bad credit holder, entrepreneur or consumer, employee or employer. Another salient feature of this loan is that you need not to mortgage any of your assets as this keeps you away from the worry of loosing your collateral to the lender in case you are unable to make payments towards the loan. But that does not mean that lender can’t claim the money he lends as unsecured bad credit loan and may resort to other legal cures to reclaim his money.
This deal provides you with an opportunity to redeem your poor credit history by keeping your payments on time which can further lead to the improvement in your credit score gradually. You must remember that all your payments are reported to the credit reporting agencies.
The amount that you can borrow for an unsecured bad credit loan can vary with lender. The lenders for these loans will provide money ranging from £500 to as high as £25,000. Since the interest rate is high, you should borrow only that amount which you would be able to pay back easily.