Imagine a time when something unexpected happens and brings on a huge expenses on your head. The only thing that you can think of is to go for quick cash loans or instant loans. But will it be possible if you have a poor credit, the answer is no. This could mean that you cannot avail any financial help. Well this is not entirely true; there is still one option that can be availed, it is the instant decision poor credit loans.
These loans, as the name suggests are designed to provide quick and immediate money. These loans are usually provided by lenders who do not care about the borrower credit standing while providing these loans.
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These instant decision loans are approved very swiftly. There is not too much documentation to be done. These loans can be availed in two forms; the first is the unsecured form. The unsecured instant loans are best if there are no assets to be pledged as collateral. The amount that can be borrowed under these loans lies in the range of £1000-£25000. The money is provided for a term of 6 months to 10 years. However the rate of interest on these loans is a little higher.
The secured loans on the other hand can provide a bigger amount of money with a comparatively lower rate of interest. The amount of money under these loans is usually in the range of £5000-£75000. However to avail these loans, some asset has to be pledged as collateral with the lender. The term of repayment for these loans lies between 5-25 years.
To avail both unsecured and secured instant decision loans with a poor credit, it is important to be a permanent UK citizen. Also the loan is only provided to a borrower who is above 18 years of age. Another prerequisite is a paid job, which acts as a guarantee for repayment. A proof of employment is also required by some lenders to check the credibility of the borrower. Also there has to be an active bank account in the borrower name to which the money can be transferred against the loan.
Both existing players and new entrants in the market offer these instant decision poor credit loans. The right way to find the lenders in an offline market is to look for personal references. Everyday a large number of people opt for these loan, any one of these people can suggest a lender.
Searching a lender online is comparatively easy; a simple goggle search can get links to hundreds of lenders who provide these loans in the United States. The right way is to visit their websites and check out their terms and conditions. The chances of getting the right lenders this way are very high.
The fact is for someone with a poor credit, facing a financial difficulty; these instant decision poor credit loans act like a much needed breath.
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