Long term loans bad credit are popular among the borrowers who have damaged
their credit record. Both homeowners and non-homeowners can apply for long term
loans bad credit.
A section of the citizens of Great
Britain has damaged their credit status.
They have failed to manage their finance. They need not be blamed for this,
necessarily. The global recession seems to show its presence even today. The
British government cannot show its aptitude to rein the spiraling market price.
As a result of this, people in huge numbers, have taken recourse to borrowing
from various sources. Since their earning does not increase proportionate to
the rise in the market price, they cannot reimburse the outstanding regularly.
They are thus stamped with arrears, less payment, defaults, late payment etc
which are instrumental to stain their credit report. It is again true that the
lenders generally turn down the loan application of the loan-seekers who have
spoiled the credit record. What would these hapless people do if they are badly
in need of finance? Long term loans bad credit is the best possible solution
available to them.
are good for the people having bad credit, because the
lenders do not check the credit report of the borrowers applying for this kind
of finance. Hence, people having unhealthy credit status are eligible for long
term loans bad credit.
Who else are eligible for the long term loans bad credit? The British citizens
are definitely eligible, but they must have completed 18 years of age and their
monthly earning must be £1000 or close to this figure. As the loan amount will
be sent to their respective bank address by the lenders, they must hold
checking account. It is another condition that they must be working in any
registered office or factory at least for the last six months.
Long term loans bad credit come as an amount in the range from £5000 and £75000
it if is offered in secured form. Rates of interest towards this finance are
lower than normal and repayment period allowed is flexible (5 to 25 years). The
loan-seekers are to put up property of worth as security possession of which
can be taken by the lenders if they do not get back their investment in time.
An amount in the scale from £1000 and £25000 are available in unsecured form of
the long term loans bad credit for which the borrowers are not required to
provide any tangible property as a guarantee. Interest at higher rates is
charged towards this kind of finance and reimbursement period is allowed from 1
to 10 years only.
Michael Smith is specializing in writing articles on . For more information
about the author or please visit