People having poor credit record think that they are not suitable for any loans. At the time of financial emergency they hunt for a financial planner and loans. Nowadays, people with poor credit or bad credit record can fulfill their financial crisis with the help of loans for poor credit. This loan lenders offer loans for the needy people who are keeping themselves backside only for their poor credit record.
This loan is presented in the market in two forms, secured and unsecured. A poor credit borrower can avail the advantage of this loan with or without pledging any collateral against the loan. With secured loans for poor credit, people can deposit their property or any other valuable asset against the loan. A borrower can avail the loan amount ranging from $5,000 to $100,000 and the repayment tenure varies from 10 to 25 years. But with an unsecured form of loan, lenders do not require any collateral against the loan. So, tenants, students or borrowers who do not want to deposit any security can also fulfill their urgent need. With an unsecured form of loan one can avail the loan amount which ranges from $1,000 to $25,000 with 1 year to 10 years pay back period. No credit check is required to avail this loan. Lenders charge high rate of interest to minimize their risk in this loan.
To avail this loan borrower can apply online with a simple online application form. Lenders do not require any paperwork or faxing and it takes maximum 24 hours to approve the loan. After approval the money is transferred to the borrower's bank account on the same day. But before application borrowers should fulfill some eligibility criteria which are as follows:
One should be permanently employed and able to submit valid employment proof.
*Income must be more than £1,000 monthly.
*Should have a current checking bank account for at least 3 months old.
*Must have a UK citizenship proof.
*Age should be more than 18 years.
Jennifer Morva has been associated with Loans. Having completed his Masters in Finance from Lancaster University Management School, he undertook to provide useful advice through his articles. To find Poor credit rating loans, visit http://www.poorcreditratingloans.co.uk
Article Source: http://EzineArticles.com/?expert=Jennifer_Morva
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