If you've had financial problems in the past, chances are that you're finding it hard to be accepted for a regular loan due to your poor credit history. However, many lenders and loan providers have products known as Bad Credit Loans that are suitable for people who've been rejected for more traditional types of loans by the major lenders or loan providers.
Despite seemingly like the last option though, these loans can actually be useful for people with poor credit ratings; not only does they enable you to get a loan where you wouldn't normally be able to, but successful regular repayments can help rebuild your credit rating, allowing you to then consolidate existing loans and get more traditional forms of credit at better rates of APR.
As with most loans, Bad Credit Loans come in two forms: unsecured and secured. A secured loan require the borrower to use assets such as a house or car to guarantee the money borrowed, which makes acceptance more likely despite them having bad credit. By comparison, unsecured loans can be difficult to get approval for, since they carry a particularly high level of risk to the lender (although they're not impossible for people with poor credit ratings to get). Both types of loan, however, usually carry a higher interest rate and offer lower amounts of borrowing than regular loans due to applicants being people that lenders would normally consider to be 'high risk' borrowers.
A bad credit loan can offer you...
Acceptance despite bad credit Money to help clear existing debts The ability to improve your credit rating through regular payments A slightly higher interest rate than regular loans No up-front fees
Copyright: Individual Finance, 2010
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