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Immediate UK Loans For Individuals With Bad Credit

by Jim ONeil on February 9, 2011

in Bad Credit History

In some cases, a borrower can fall behind in credit card or other payments and need money immediately. If this individual has bad credit, loans designed for those in this situation are available. After completing an application and receiving approval, the individual will receive the money the following day.

These loans are issued for any reason so borrowers can use them to pay utility bills, credit card bills, or school tuition. Different loan amounts are available to meet the need of the borrower. Interest rates are reasonable so they will not inflict further financial pain on the individual who is already in dire need of financing.

People can apply for either unsecured or secured immediate loans, even when their credit is poor. Selecting a secured loan means that some form of collateral must be placed on the loan, such as a car or home.

This protects the lender in the event of a default. An unsecured loan does not require any asset backing- it is a good faith lending action. Interest rates are higher for unsecured loans because lenders take on more risk.

No credit check is required in order to be approved for these loans. However, the lender must feel confident that the individual can repay the money, so it does establish criteria for eligibility. Individuals who take these loans can improve their credit rating by making timely repayment. This means they will most likely have more credit options in the future.

Lenders allow individuals to apply online and the application will be immediately processed. Within just a few minutes, the lender will issue a decision. If the loan is approved, the money will be transferred to the account of the borrower in a few moments. It will then be available for immediate use, providing borrowers with the money they need to meet their financial obligations.

Jan Derk Kiefer

Great article and great site, I’m new to the country (from Germany) and found the whole concept of unsecured and no credit check really hard to follow. This has cleared it up for me. Regards JD

Vincent-Strong-Editor-UK-Fast

Hi Jan

Unsecured and no credit check loans can be a difficult concept to understand and right now quite difficult to get approved. I’m glad that the information we provide has helped you.

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