The Bad Credit Loan - When Your Options Are Limited

You've got bad credit. And you need a loan. If ever there were, financially speaking, a spot between rock and a hard place, you are standing squarely on it and waiting to get squashed. Where can you go for the loan you need to pay off whatever it is you need to pay off?

Secured Vs. Unsecured Bad Credit Loans

Your first tactic should be to look for a lender who will accept anything you have to offer as collateral for a secured loan. By securing the money they loan you, the lender will have something to use to recover at least part of the bad credit loan if you should default. Home mortgages and automobile loans are secured loans; credit card lines of credit are not.

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Lenders are understandably more willing to make loans which are secured. If you, however, not only have bad credit, but nothing to offer in the way of collateral, you may be able to find a lender willing to give you a bad credit loan and reduce the risk involved by charging a significantly higher interest rate. You can spend a great deal of time looking for a bad credit loan, but there are lenders willing to take a chance if you make an effort to find them.

What you have to face is the reality that when your credit rating went south, your credibility with lenders went with it. The unfortunate aspect of this reality is that the events which led to your poor credit rating may have been totally beyond your control. Even so, you will still be penalized in the terms of your bad credit loan, but if you can use the money to pay off other debts, with even harsher interest rates, you will come out ahead.

Your job in the entire bad credit loan process is to protect your own interests, as much as possible, from the interests of the lenders. Research as many bad credit lenders as you can; winnow out those with the lowest interest rates and most generous repayment terms. Where should you begin?

Where To Look For bad Credit Loans

Banks are usually not the most eager when it comes to providing a bad credit loan, but there are exceptions. If you've been dealing with the same bank for a long time, have successfully paid off previous loans with them, and the banker knows your current financial troubles were not of your own making, you may have a chance with their loan department.

Private lenders, on the other hand, are more experienced when it comes to lending to those with poor credit. While you can be almost certain that a private lender's bad credit loan will cost you more in interest than one from a bank, your chances of getting a loan at all are much better.

There is also a glut of online lenders who claim that they will loan money to individuals with bad credit histories, and you may find you e-mail swamped with offers from them. Be very, very careful.

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