People who unemployed due to any illness or disability and having a bad credit status are known as people on benefits. On top of that, due to economical trouble and low credit score it is very hard to find a lender willing to lend a loan. However, nowadays with the help of bad credit loans for people on benefits, people having bad credit score can also avail loan to fulfill their daily urgent expenses.
These loans come in two forms and they are secured and unsecured forms of loans. To avail secured forms of bad credit loans for people on benefit, a borrower must deposit some property or asset as a security with the lender against the loan. However, to avail unsecured forms of loans, no collateral is required against the loan.
The loan amount depends on the value of the collateral, repayment ability of the borrower and credit status. With this kind of loan, a borrower can avail loan amount from £1,000 to £75,000. The interest rate of bad credit loans for people on benefits starts from 5% APR. Borrowers can get flexible repayment period, the repayment duration is as long as 25 years. Nevertheless, the borrowers should repay the loans within the time to safeguard him from future hassles.
The borrower can use the money for any purpose such as paying any kind of bills, can invest the money in stock market and in any small business from where they can earn some profit and repay the loan. There are many online and offline lending companies who offer loans with better terms and condition and low rate of interest. The annual interest rates are lower if any borrowers apply online rather than offline.
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