London, United Kingdom (PressExposure) July 21, 2011 -- Creditworthiness is very important to secure finance. It is more so when rate of unemployment and that of market price have been rising, as if, in competition. In such unfavorable economic situation, people in large number find no option but to borrow, and even borrow from numbers of available sources. As they do not earn much, they fail to clear the loans in the stipulated period. Many of them spoil the credit status and their credit count goes below 580 as per FICO. It is again undeniable that they require financial support for daily necessity. Cash loans for bad credit refer to a kind of loans program and it has been introduced by the financial institutions keeping in account the sorry spectacle of such people.
The loan-seekers obtain small amount of loans if they apply for cash loans bad credit. They use the same for emergency repairing of some portion of the home or for clearing school fees of their children. The lenders offer an amount in the range from £100 to £1500. It is compulsory that the loan amount along with its interest must be repaid within 14 to 31 days.
The borrowers must be responsible to clear the loan amount within the stated period as per the contract; otherwise, they are sure to experience greater type of financial crisis. Actually, the lenders charge interest at higher rates for cash loans bad credit. If the borrowers fail to repay the loan amount, they are charged with fines and penalties. Moreover, the borrowers should not secure a second loan before they complete the repayment in full.
The loan-seekers who apply for cash loans bad credit get some favor. This kind of loans program does not ask for collateral. Faxing is also not asked for. The borrowers should choose online submission of the loan application. The process is quicker. The lender, just after approval of the loan application, transfers the loan amount to the bank account of the applicant.
This is why the applicant must have an active checking account. The applicant must be over 18. A British citizen is eligible for cash loans bad credit. She/he must work in an authorized establishment and earn £1000 in every month. People with weak credit history are greatly benefitted by this kind of loans program.