Whenever a person's fails to make a prompt payment and defaults on his loan, he is said to be under bad credit. Now, this person is not considered worthy of credit by the lenders. So, if he needs a loan, he is stuck in a fix.
None of the banks and financial institutions will lend money to him. The only option such a person has is to borrow money from Sub Prime Bad Credit Lenders. These people normally charge a higher interest rate as compared to the normal loans. These people offer two types of loans-
fast cash loans without checking account, cash loans no credit check, cash loan without a bank account,
I. Secured loans
II. Unsecured loans
In case of secured loans, some security is given for the loan. This may be a house, a car or any other vehicle, share certificates, gold and so on.
Since the risk of the lender is nullified in this case, the interest rates are very competitive and the terms of the loan and favorable to the borrower. Unsecured loans are very difficult to obtain if your credit score is in a poor condition. You have to prove that you have a stable income every month.
It will also help if you can get the signature of some co-signer or guarantees. If the co-signer putting the guarantee signature has a high credit score, then you have more chances of availing a loan. Also, these types of loans involve a lot of paperwork. You may have to answer lots of questions before you get the loan approved.
Even among the sub prime lenders, there is intense competition. So, if you shop around and do the necessary groundwork, you can get a loan at a better rate.
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