A Guide to the Bad Credit Personal LoanWritten by John Mussi
Here is a useful guide to bad credit personal loan. If you find yourself in need of extra money but without good credit needed for an unsecured loan, you may want to consider getting a bad credit secured loan. These loans require you to place some item or property in lender's trust as collateral for loan, and should you not repay loan then they are free to sell item that you granted them as collateral. Some lenders require that you turn over collateral to them in order to get your bad credit secured loan, but many will allow you to keep collateral.
What are common collateral items? Common items that are used as collateral for a bad credit secured loan include items like automobiles and real estate, though precious jewelry or other items are also used from time to time. When using an automobile or piece of real estate, person seeking bad credit secured loan is often able to keep their car or house; they simply turn over deed or title to finance company or other lender who is then granted a legal claim to it until loan has been repaid.
Where can you find a bad credit secured loan? While not all banks and lenders are willing to offer a bad credit secured loan, many finance companies will take risk. You may wish to shop around at various finance companies and lenders, finding out which ones offer bad credit secured loans and what interest rates they charge (though interest rates will likely be higher than they would be for a loan through a bank.) You might also wish to check out bad credit secured loan providers on internet, checking out lenders a bit more since you don't want to get caught up in an internet scam. Once you've compared interest rates at several establishments, pick one that offers best terms and see them about getting your bad credit secured loan.
A Consumer's Guide to Getting a Bad Credit LoanWritten by John Mussi
Here is a useful guide to getting a bad credit loan. If you're like countless others, then you may be struggling to get a bad credit loan. You may not know where to turn, or what options are available… or even what “bad credit” actually means or how it's determined. Below are tips on how to deal with bad credit, as well as how to get a bad credit loan.
What is bad credit, anyway? Obviously, if you fall behind on payments or make all of your payments late then it's going to reflect badly upon you. New lenders aren't going to want to offer you lines of credit or financing for purchases, and will instead try to make you pay up front for everything that you buy. This is scourge of bad credit… which means that your past late payments or non-payments have been reported to a credit agency, and they have lowered your credit score as a result. The lower your credit score is, more of a risk lenders view you as… which is why it's so hard to get new credit lines once your credit is bad. Unfortunately, this also can make it much more difficult to improve your credit rating… after all, if you can't get credit then how can you show that you're much better with payments these days?
Getting a bad credit loan Luckily, there are lenders that will give you a bad credit loan. Often there is some sort of collateral required (meaning that loan is of an equal or lesser value to something that you own, and if you default on loan then lender has a legal right to repossess item and sell it), and higher interest rates are usually associated with loan as well (meaning that you have to pay back more in interest than you would with a loan that has lower interest rates.)