Getting a loan is best financial help solution when one is in need of money. But, getting a loan was troublesome few years back for those people who had bad credit rating like arrears, defaults, skipped payments, late payments, CCJs, etc as the lenders doubted their repaying capability and worried if they failed to repay the entire loan amount back within the fixed time duration. Therefore, they generally rejected loan applications of the bad credit holders. But, now due to the increasing competition in the market, long term loans bad credit has been introduced that helps the borrowers with bad credit score in availing a loan without any kind of trouble. The borrower can use the loan amount to satisfy his urgent needs like wedding expenses, educational expenses, holiday expenses, new small business settlement, debt consolidation and home repair etc. These loans are specially meant to satisfy the long term requirements.
Long term loans bad credit is basically of two types and they are secured an unsecured. In the secured loans, the borrowers is asked to place any of his valuable assets in the form of any real estate or any other property as security against the loan ant it thus helps him in getting better terms and conditions like lower interest rate on loan and larger loan amount. These loans have loan amount ranging from £10,000 to £75,000 and the loan repayment duration ranges from 5 to 25 years. But, in the case of unsecured loans, the borrower is not at all asked to place any of his valuable assets as security against the loan. Therefore, the rate of interest for these loans is slightly higher than secured loans due to the absence of security against the loan which makes the lender insecure in case the borrower fails to repay the entire loan amount by the time. Therefore, in order to recover his risk to some extent, the lender imposes higher rate of interest on the loan. The loan amount for the unsecured loans ranges from £5,000 to £25,000 and the loan repayment duration ranges from 6 months to 10 years. Those borrowers who have a bad credit rating like arrears, defaults, skipped payments, late payments etc. can also avail these loans without any hesitation since no credit check is conducted. There are some conditions that a borrower must satisfy before applying for these loans and they are like he must be 18 years old or above, he must have an active bank account for the transactions to take place, he must be a permanent UK citizen and his monthly salary should not be less than $1000.
The borrower can browse over the internet and look out for a deal of his choice by comparing the offers of different lenders online. He is not required to go out of his place for the sake of loan approval procedure and stand in long queues outside loan providing agencies and wait for his turn to come. He can do the same online by sitting at his own place as the loan application is now just a few clicks away. The borrower must fill the required online application form with the required personal details and then, send that form to the lender online. The loan sum will be transferred to his account the same day or the next business day. The online application procedure is very quick as any kind of paper-work is not at all involved. One can grab the best deal ever with some little negotiation.
Shery Mark is Financial advisor of long term personal loans.For more information about Bad Credit Long Term Loans visit http://www.longtermpersonalloan.net