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Bad credit loans are designed to give you financial help when you need it the most. If you have a bad credit history then you may struggle to get credit from standard lenders. That is where bad credit loans come in useful. Some bad credit lenders do not even carry out a credit check. However, there are some terms and conditions that you need to meet before you can apply for this type of loan.

Condition Number One – Owning a Bank Account

The most common term and condition that most lenders set is that you need to have your own bank account. This is so that your repayments can be made through direct debit. If you are taking advantage of a short term unsecured bad credit loan payday then this is particularly important. The money will usually be taken straight from your bank account on the date that you set when you take out the loan. You will struggle to find a lender who will give you a bad credit unsecured loan if you don’t have a bank account.

Condition Number Two – You Must Be Employed

While you can get credit if you are unemployed, most lenders will not give you an unsecured bad credit loan if you are not in employment. This is quite an obvious term and condition because the lender wants to ensure that you can repay the loan. If you are not working then you do not have regular income.

You will even struggle if you are self employed. Many bad credit lenders will not give you credit if you work for yourself. You will need to spend a little more time searching for self employment bad credit unsecured loans.

Conditions Number Three – Documents

While most unsecured bad credit lenders do not carry out a credit check, there are times when they require documents to verify various information. If you are self employed then you will need to show how much money you have earned over the past few years. If the statements show that you have hardly been earning anything then you could get turned down.

You may also need to provide documents to vilify your identity. If you have moved in the past year then you will need to give previous addresses for the past 3 years. While your credit rating will not affect the loan, the company still need to identify who you are.

Condition Number Four – A Minimum Salary

Some lenders will require you to have a minimum monthly salary. Again this is to ensure that you can make the repayments on the amount that you need to borrow. You will need to take a look at each individual lender to see what their minimum salary requirements are.

These are the most common terms and conditions that you will find with most bad credit unsecured loan lenders. You must also be 18 years of age and be a permanent resident in the UK. Make sure that you look at the terms and conditions on each lender site as they will differ with each one.