London, United Kingdom (PressExposure) June 02, 2009 -- For those borrowers who are tagged by bad credit score history, the fear that they will apply for a loan and be denied is very true. Luckily, the financial world has come up with a loan product that is suitable for even those who have defaulted, CCJs or the ones declared bankrupted in the form of no credit check unsecured loans. More over these loans are unsecured meaning that you don't have to pledge a collateral for you to be advanced with a loan.
No credit check unsecured loans are for everyone irrespective of their credit history and at that without the necessity for a security pledge. The important thing is that your can get the amounts required without much of ado. These loans have some aspects that must be met, before the lender can avail the amount required. The loan applicant must be employed or be in a self employment which is giving him/ her a minimum income of not less than $1000. They must also possess a checking account which is not less than 6 months old on which the loan amounts will be deposited. Apart form this, the borrower must be an adult who is not less than the mandatory age of 18 years of age.
In order for the lender to avail you with the required amounts, they consider your monthly income and your ability to repay back the loaned sums. In fact your monthly income is the collateral that the lender pegs on the loaned amounts, the higher you earn the more that can be advanced. There will give you amounts amounting to something like $1000 to $25,000 after determining your income levels. This is what shows your repayment capabilities. The maximum repayment duration can only be extended to 10 years also if they availed you with large amounts of money the duration can be extendable.
These loans attract a higher rate of interest in comparison to the traditional loans which requires a security pledge before they can be availed. This means that you should only opt for these loans when you absolutely need them, as they don't come cheap. The loans can easily be applied for online. On these websites, free loan quotes are provided and you can do a comparison on various lenders on the loan deals they are providing to come up with the best loan deal that suits you. Furthermore, you can apply for the loan from different lenders and compare their quotes and come up with most affordable loan deal.