Having poor credit score and your loan application is getting rejected or is not approved to give you loan then you don’t need to worry as there are many companies that are offering you loan even if you have poor credit score. The common reason behind rejection of the loan is that the creditors find it’s risky to do recovery if they give loan to poor credit score applicants. If you are undergoing through such a condition and need a loan then the solution available to you is poor credit loan. There could be several elements which are preventing you from getting loan but no one could be applicable to restrict you from getting poor credit loan.
The poor credit loan does not depend on the factors like bankruptcy, bad credit score, and foreclosure. This loan is specifically available for the people with the poor credit score. You are eligible to apply for this loan without any limitation or rules.
To get the loan instantly and to approve your application it is necessary for you to fulfill some of the following criteria:
1) You have to be a permanent resident of U.K.
2) The checking account should be older more then three months.
3) The applicant should be of eighteen years or more.
4) He should be a regular employee which should earn minimum of one thousand per month.
The poor credit loan is offered in two types. First type is the secured loan and the other is unsecured loan. You could choose anyone according to your choice. If you want to apply for secured loan then the verification in an important issue. For this you need to give your car or any other important asset as security. After paying the loan back you would get your security back whereas for unsecured loan you do not need to give any security.
The other type of loan available for the people having poor credit score is the pay day loans. The pay day loans are the short duration loan means that you are borrowing it for few days about less than a month. This loan would affect you financial condition but would help you to pay off your certain bills like medical, electricity or mobile bills. You could also find the payday loan companies online. They have spread their network online which would enable you to get the one according to your will.