It is very difficult for people with bad credit to get loans in the UK market hence to solve these problems there are same day bad credit loans. A person can have bad credit for several reasons like declaration of bankruptcy, arrears, CCJ's or late payments in previously taken loans. In UK such cases earn about a credit score below 620 and lenders take these as a potentially high risk. However, same day bad credit loans are designed to get money at a reasonable rate.
As the name suggest these loans are designed for bad credit holders for whom getting a loan is difficult and this gets sanctioned in the same day but the loan amount involved is not very bulky. The loan amount lent, ranges from £1000 to £1500 and one has to make sure that the loan amount is returned back within 2 to 4 weeks, if one fails to return the money in time then they have to face the consequences of paying huge penalties. However, if one manages to pay the amount in time then that will improve the credit score. As this is a same day loan and that too for bad credit holders the rate of interest for these loans is quite high it ranges from 9-20 % as most of them involve no collateral. But if collateral is taken for same day Bad credit cash loans then the rate of interest will be a bit lower. The repayment is done by deducting the amount directly from the customers account from the cheque that was deposited to the lender when the loan was sanctioned.
These loans are very easy to apply as they can access this through the internet and search for same day bad credit loans. Once the lists of the lenders are scheduled then the borrowers just need to choose and apply. Within 24 hors the money for the loan is transferred to the account.