When a borrower is known as a bad credit holder like bankruptcy, IVAs, CCJs, etc. they always face problem while applying for bank loans. They are refused by the lenders for their bad credit record. However, bad credit can not suppress anybody from meeting their personal requirements and desires. In this situation with the help of personal loan for bad credit, people can efficiently overcome their financial crisis. Bad credit borrowers can improve their credit score by repaying the money on time.

Personal loan for bad credit has been introduced in the market in two different forms, secured and unsecured. Secured loan lenders require some collateral and offer the loan amount with low rate of interest as well as long repayment tenure. If any borrower does not have any asset or property to offer as collateral then they can also avail the loan by choosing unsecured personal loan for bad credit. But they need to pay a bit high rate of interest and the pay back period is short. People can avail the loan amount ranging from 100 to 15,000. The interest rate starts from 10% APR, but it depends on the lenders. The repayment tenure ranges between 1 to 10 years depending on the type of loan taken.

Various online and offline lenders are available in the market to offer personal loans for bad credit. One can choose one of them and apply for the loan as per their requirements. Online application process is fast and easy. Both secured and unsecured loan process information are clearly written on the website of the various lenders. A borrower can apply either for secured loan or unsecured loan. But before apply for any loan process borrowers need to fulfil some criteria, which are as follows:

Must be an UK citizen
Should be more than 18 years of age.
Should be a regular employed and income must be more than 1000 per month.
Must have a current bank account.