Introduction
If you have arrears, made defaults in past, or there are county court judgements against you then very often you realise them to be haunting whenever there is need of money and want to apply for a loan. However, with ever increasing competition in loan industry, lenders come up with new ideas of loans for certain section of people. Instant approval bad credit loan is one of those loans which are designed to suit the interest of salaried people who need money immediately but suffer from bad credit history.
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Instant approval bad credit loans: facts and figures
There are a number of lenders who offer instant approval loans for bad credit people. Basically these loans are short term loans and offered for duration of some 2 to 4 weeks. Lenders are hardly worried about the credit score of borrower as money is lent mainly to salaried people against their next pay cheque. So, there is some kind of security for lenders to recover the money in time. Alike most of instant approval loans, this is also unsecured, however one can find lenders offering secured loans as well but the approval time will be slightly more as documentation involved increases. Amount that is lent depends on the salary of borrower which is looked upon as their ability to repay. Depending on various factors and circumstances it is possible to get an amount of around £100 to £1000. Approval is fast and it can be as less as 24 hours for the loan application to get approved and money being transferred into your checking account. As interest, lenders charge some fixed amount for each £100 you borrow. This charge is around £10 to £15. Interest rate is certainly on a higher side, but this can be afforded by borrower as these loans have their importance of availing the money in time and that too without risking of any collateral.
Application for bad credit instant approval loans are to be made online which facilitates the process of verification and hence makes the approval of loan in short period possible. Another advantage of online application is that borrower can compare the quotes of different lenders and choose one particular offer depending on their interest and financial position.
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