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If you have a credit rating below 550, chances are that your loan applications will straightaway be rejected by the local bankers. At the local bankers and trusts, 1 of the primary criteria of approval for loans is the credit rating. If it is above 650, you can expect the loan else you can be positive that your application will be rejected. Even then, you have hope. There are number of lenders who offer you Short Term Loans with bad credit.
These loans can be secured or unsecured. If you take a secured loan, the process might be a bit lengthier as it involves assessment of your property. Nonetheless, you can be positive that the interest rate will be a little lower. Short term loans, even so, generally do not need any collateral.
Collateral is only required if you want somewhat higher amount of funds. Generally without having collateral, these firms offer you up to 5000 pounds as short term loans with bad credit. The interest rates vary from company to company. Also, the repayment period for these loans is tiny. It can be something among 1 to three years depending on the repayment technique you chose whilst availing the loan.
1 of the most appealing capabilities of these loans is that they do not truly care about your credit score whilst approving your loan. This feature helps you get the advantage of availing the loan even if you have a bad credit. All you want to show is that you are earning a normal income and that you are above 18 years of age. If you meet the criteria, you can always apply for the short term loans with bad credit. All you have to do is to fill in the on the internet form and submit it to the concerned on the internet lenders.