Qualifying for loans can be a difficult task when you have a negligent credit history. Many borrowers have bad credit for one reason or the other - past mistakes, job loss, and sickness, just to name a few. Fortunately for those with less than spotless credit, there are loans that are designed specifically, allowing you to access the money that you need.
Bad Credit Personal Loans
Bad credit personal loans are designed to allow those with poor credit history a chance to build their credit back up. Because this is a personal loan, you do not need to reveal the purpose of the loan to the lender, and the loan money can be used for whatever needs that you have. Many borrowers take out this loan to cover the purchase of a major appliance or furniture, education, vacation, or even to consolidate their current debts.
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Bad credit personal loans are usually available from $2,000 up to $10,000 and can be either secured or unsecured, depending on your preference. The interest that you will pay on this type of loan will be determined by the amount that you borrow and the type of loan that you take out (secured or unsecured), as well as whether or not you apply with a cosigner.
Bad Credit Car Loans
Taking out a poor credit car loan is fairly simple because the lender holds interest in the car until it is paid off which makes it a less risky loan than some other loan products. Borrowers can take out this type of loan for either new or used automobiles, including cars, trucks, vans, or SUVs.
Many borrowers with poor credit will qualify instantly to purchase an automobile under these loan terms; however, for more expensive automobile purchases, it is advisable that the borrower has a down payment of some type to apply towards the purchase of the vehicle. A down payment will lower not only your interest rate, but also your monthly payments. (You can also reduce the interest you pay by applying with a creditworthy cosigner). Many online poor credit car loan servicers will write a pre-approval check for you to purchase your vehicle with.
Bad Credit Consolidation Loans
If you are a bad credit borrower with a lot of outstanding debt, you may qualify for a consolidation loan. This type of loan allows you to take multiple debts to banks and credit card issuers and roll them into one big debt, usually with a lower monthly payment and less interest. Consolidation of your debts can allow you to pay them off more quickly, thus improving your credit score.
Bad Credit Guaranteed Loans And Cash Advances
The easiest type of bad credit loan to obtain is the poor credit guaranteed loan, also known as a cash advance or payday loan. This loan requires no credit check, so it allows for borrowers from all credit backgrounds to be approved in just minutes. Although it is a short term loan, it is the best option for many borrowers who cannot receive traditional funding. Amounts are available up to $1,500.
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