Small bad credit cash loans are one of the fastest services in the UK market. This product is designed for people with bad credit history, bankruptcy or no credit history at all. What if these people are in need of urgent cash then what is to be done. Well, today there are no worries as there are many financial institutions that are ready to lend money to people with bad credits, hence the name small bad credit cash loan.
The reason why this is called small is because a very less amount of money is involved in such lending, amount from £100 to £1000. The lending amount is less as the lenders are at a greater risk as most of these loans are unsecured. Because of its unsecured nature small bad credit cash loans have a higher rate of interest where the borrower pays much more than what is lent.
The eligibility criteria for these small Bad credit cash loans are that a person must have an employment history and a source of regular income. If a person does not have any source of income then even if the partner has a regular source of income then the borrowers acknowledge the fact and lend the money on this basis. A person also must have a checking account as money gets directly transferred to their account. The payment is done by directly debiting the borrowers account on the basis of the cheque that is given to the lenders as a post payment.
These loans are designed to fulfil short-term monetary needs and should not be used as a regular lending source. The fees charged for small bad credit cash loans can be higher than a long-established loan from your bank and should only be used to resolve temporary or urgent financial crises.