Looking for a loan product despite a poor
credit rating? You can get a bad credit personal loan if you know where to
look and what to offer lenders. With so many individuals having bad credit
but still wanting to borrow, banks know they have an audience for more
expensive loan products.
Bad credit personal loans can be pretty painful. You'll pay a high interest
rate, with high fees if you are late or default. You may have to pay a
prepayment penalty, which means if you pay off the loan early, you still
have to pay the bank a chunk of the interest in addition to the principal
balance. And, you might have trouble without offering some kind of
collateral, since an unsecured loan puts the bank in a very precarious
position. Still, there are ways to borrow money even with bad credit.
Try to decide beforehand what you want the loan for, so you don't just spend
it all without knowing where the cash went. If you don't really need the
cash for a specific reason, you might hold off until you have rebuilt your
credit and can get better interest rates and terms from a bank. Using the
loan for debt consolidation is always a good reason, but only if you then
close the credit cards or other debts that the loan pays off - instead of
just adding more to your debt burden!
Before you start applying for loans, find the
best lender with the most favorable terms. At the bottom of this page we
have a list of lenders who offer a wide variety of loan programs to choose
from, regardless of your credit. You'll want to look at the fine print too.
Ask about these fees and charges:
- Are you paying an up front application fee or processing fee? Is there a
fee to pull your credit? - What is the interest rate? What is the APR
(annual percentage rate)? Are they significantly different? - Do you have to
provide collateral for this loan, or is it unsecured? (How bad your credit
is may determine whether the lender needs security or not.) - How long until
I have a decision? How long until you disburse the loan funds? - If you turn
me down, do you have a related company that can do the loan? Don't just look
at the monthly payment, because many hidden fees and charges can be
included. Make sure you compare all loan products before you apply with any
particular lender - each time you apply for a loan, you will impact your
credit score, so keep it to a minimum!
If you get turned down for unsecured credit, you might want to take a month
or two and take steps to improve your credit. You can take steps that show
results within just couple months.
Just apply here, We provide
instant approval and Money will be deposited in your bank a/c. on the very
same day...
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