If you are having a hard time financially, you are not alone in wanting to turn to bad credit loans. With over 6 million people losing jobs, with credit card and other debt at an all time high, with people's incomes being cut, and daily expenses like food and fuel going up, it's frustrating and difficult to make ends meet.
A year ago, it was possible even for people with poor credit scores to get unsecured loans. Wall Street was looking for any and every way to lend money, and sell it immediately. yet the risk was still there.
That risk was that someone with bad credit would be unlikely to pay on time for the life of the loan. Now, banks have gotten real, and know that people with a poor credit score are less likely to pay off a loan. So in today's market, if you're looking for bad credit loans to borrow money with a low score, expect to find few lenders willing to make these loans any longer.
This does not mean that all hope is lost! There are lenders out there, but you need to know that the terms you'll face for these kinds of loans are sky high. Here is just a sample of what to look for:
The fact is, some people who borrow and have poor credit will still continue to pay their debts on time. So, you can still find some lenders who will do this, but the interest rates and fees they charge will attempt to make up for the volume of loan debt they will not get repaid. Your interest rates will be high, in double digits at least; your fees such as application fees, credit report fees, even annual fees, will also be high. If you really don't need this type of loan, you should definitely avoid it.
However, if you are stuck, as so many people are, and you need the money right away, at least go into the process with your eyes open. Consider the fees and costs as the cost of doing business when you have bad credit. Bt make a commitment to change your bad credit! Use a loan to absolutely always make your payment on time. Find a way to earn more money, and use extra cash to pay down the loan faster (assuming you won't get hit with a prepayment penalty).
By at least making sure this loan is paid on time and according to the terms, it will be a mark in the "good credit" column as you begin to rebuild your credit. Looked at this way, bad credit loans may not be all bad, for all borrowers.
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