Bad Credit Personal Loans: How and Where to Get the Loan You Need


For those with bad credit, finding a personal loan is tough. There are many traditional lenders out there who will take one look at a low credit score and reject you outright. However, finding a bad credit personal loan is not as hard as that reality makes it out to be as long as you know which loans to ask for and who to ask.

Two Major Loan Types

If you need a bad credit loan, you basically have two options. The first option is a secured loan which relies on the collateral of a home, land, vehicles or stocks in order to guarantee its repayment. Basically, you leverage the value of your property against the amount of the loan, giving the lender assurance that if you do not make your payments, they will still get something from you.

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Secured loans are easy to get no matter your credit situation since the value of your property ensures lenders of a return on their investment. However, for those without collateral to put up there is still another option. An unsecured bad credit loan is one that is given without guarantee to the lender, and is therefore trickier to acquire, yet not impossible.

Finding a Bad Credit Loan

If you have a poor credit score and no collateral, where can you look for lending assistance? Traditional banks and credit unions are not likely to help you since the lack of guarantee from an unsecured loan puts them at too much risk when they are already financially damaged from the economy. Therefore, you need to look towards non-traditional lenders or private lenders to find assistance. These lenders are usually found online.

Start by doing a simple web search for bad credit lenders or for bad credit loans and you will find dozens of agencies that can help you. Each institution will offer a different set of terms and conditions as well as qualifications for the loans that they offer. Your job is to review the particulars of each lender before moving forward.

Make Sure to Compare

Do not just select the first lender to come up in the search results or even the first one that you review. Remember, there are many, many lenders available online for bad credit loans and you want to make sure that you use this competition to your advantage.

Another important element to consider is that the internet, though a really excellent venue for business, is also home to scam artists. Before moving forward and contacting a lender, check out his credentials with the Better Business Bureau and other online lending forums that can provide insight into a particular lender's business practices and other borrowers' experiences with them.

Know the Details of Each Loan

Remember, just because there are lenders online who are willing to work with your bad credit that does not mean that it goes away. Your credit score will negatively impact the interest rates and other fees that the lender presents to you in your loan package. It is important to review these numbers and know what they mean. Make sure you clearly understand how much you will need to pay each month and whether or not that can fit into your budget.

Getting the Bad Credit Loan You Need

Finding a bad credit personal loan online is easy and possible. However, you need to make sure that taking the loan is the right move for you in terms of the deal you get and the additional expense you will incur each month. Over time, responsible borrowing can improve your credit score, but late payments and defaults will have the opposite effect. So make sure you are aware of the risks for any loan you take.


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