Personal Bad Credit Loans - Do You Need One?


No matter what our personal financial situation is there are always those monthly / weekly bills to pay e.g. food, gas, electric, rent, mortgage etc. And even though they are relative small bills in themselves when added together the amounts can be quite scary especially if you are in a not so good financial situation. Then along come a much larger bill or two such as you car insurance and tax etc. and you really do not know where to turn.

Well this is where personal bad credit loans come in, they are not for everyone but can be of great help to some people. These bad credit loans are designed for people who are in need of cash but do not have a very good credit score/ history, the main criteria for these loans is that you can afford to repay them, the company generally does not check your credit rating. Other criteria that will apply are

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You are over a minimum age (dependent on Country / State) You are working and earning a minimum amount You are resident in the Country or are a citizen of the country again depending on Country.

As with most products in the financial market these personal bad credit loans come in two forms, secured and unsecured. Which means that you should be able to find a loan no matter what your particular circumstances.

With a secured loan the lender has some form of guarantee that even if you default on the repayments they will be able to get their money back, this means that you are able to borrow larger amounts and at lower interest rates. However because of the fact you have a poor credit rating the interest rate will still be higher than if you were able to get a loan from one of the main high street lenders. Generally these loans are secured against you house but other forms of valuable property may be used such as if you are purchasing a car then the loan is secured against the car.

Now if you are a tenant or non homeowner and do not have any other valuable property then you will need to go for the unsecured loan. These loans come with a much higher rate of interest and you cannot borrow as much as with a secured loan, but you can still get a loan.

The most important thing to do when you have achieved getting this loan is to stop applying for any more credit until you have paid off this loan, and to make sure you do pay it off in full and on time, by doing this you will have improved you credit rating and my find that you will then be able to get another loan at a lower rate of interest.

So remember that even if you have a bad credit rating and the main lenders have turned you down there are still options available to you. And before you apply to a company do your homework first, check that they are authorised to do business where you live, that they specialise in bad credit loans and compare then to other companies and let them know this as if they are aware that they are in competition you may get a better rate of interest.


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