There are many kinds of people who handle their finances in different ways. Some of them do not know to save up and end up taking debts and do no repay in time. There are some who face unforeseen expenditures end up handling their current savings in a hasty manner. Usually people who score less points due to CCJs, bankruptcies and IVAs are considered as the bad lot and hence do not qualify for credit loans. Lending Agencies generally tend to ignore them.
But now UK citizens can be happy as this won't be happening anymore with the finance market is opening up its lending arms towards them as well. If they fulfil certain criteria to be eligible for cash loans bad credit, then they may think of applying for funds right away. It is very important for the applicant to be a citizen of the UK. Applicant must be above 18 years of age at the time of applying and must have a valid bank account which is active. Applicant must be employed with a permanent job earning a salary not less1000 per month.
Cash loans bad credit is issued in both secured and unsecured form. The lender usually demands documentation of any property owned by the applicant which could either be a car, or a house or even a piece of land which has to be pledged as collateral. This is for applicants who want to apply for loans in secured form. For the secured form, an applicant maybe paid somewhere between 5000 to 75000 as loans and the repayment tenure is allowed for a period of 5 to 25 years. Interest rate is lower.
For the unsecured form applicants are not required to show any property documents to be pledged as collateral. They are eligible to receive a sum of 1000 to 25000. The repayment tenure is between 1 to 10 years. Interest rate is higher.