Personal loans are a convenient way of getting access to cash when you face an emergency.There are quite a lot of reasons why borrowers apply for personal loans like for home improvements and repairs, for paying off other debts, for weddings, travel, emergency bills and school fees.
Since there are no restrictions by the loan company on where and how you can use the funds, these loans are preferred by a large number of borrowers in the UK today. While finding the standard personal loans may be difficult if you have poor credit history, personal loan bad credit history is still available in UK for bad credit borrowers. These loans are different from the standard loans in the sense that the lenders will not be conducting a credit check on the applicants that apply for these loans.
Are personal loans available to borrowers with bad credit?
Since there are no credit checks, all borrowers can get an eligible for these loans even if they have problems with their credit ratings and history. However, there will be a few other terms and conditions that you will have to be eligible for.
In order to get an approval for personal loan bad credit history, you will have to be at least 18 years of age, will need to have a regular source of income, will have to be a UK citizen and must have a bank account. If you fit into these eligibility criteria, you can get an approval easily.
Features of bad credit personal loans
A personal loan bad credit history can be secured or unsecured. Borrowers that require lower loan amounts or are tenants prefer to go for the unsecured personal loans. The unsecured personal loans are smaller loan amounts and are offered as short term funds by the loan companies.
The maximum amount that can be borrowed will be up to GBP 25,000 and no collateral would be required. On the other hand, personal loans can also be secured and homeowners that require a higher loan amount can apply for these loans. With secured loans, your home or car will have to be offered as collateral to the loan company.
Personal loan bad credit history is offered by loan companies like Blackhorse Personal Finance, Platinum Loans, Tesco, Halifax, Alliance and Leicester etc. in UK today. These loans can be very helpful if you have an unexpected expense to deal with and require quick funds to handle the situation.