card guide
Bad Credit Personal Loans [Part 6]

Even where you do discover that you have a bad credit rating, you should still not give up on the hope of obtaining your personal loan.  Today there are hundreds of lenders willing to lend to people with a bad credit history. 

However, in most cases you should expect

(a) to find that the amount you can borrow is less than someone with a better credit rating than you have,
(b) the administration fees for agreeing the loan will likely also be higher,
(c) the interest rate charged on the personal loan will be higher, and
(d) the term of the loan will also likely be shorter than that offered to people with better credit ratings.

On the upside, however, if you know that you are going to be able to repay the bad credit rating personal loan on time, applying for a bad credit rating personal loan can be an excellent way to help rejuvenate your credit rating. 

So, if you want to borrow a large sum of money, say to buy a house, but are finding that lenders are refusing your application because you have a bad credit rating, one solution may be to apply for a smaller bad credit rating personal loan, repay the loan timely and on time.  Thereafter, hopefully, your credit rating will have improved and you’ll be able to obtain the larger loan you were initially after in the first place!


Posted on: [ January 05, 2018 ]       Add to Del.icio.us   Digg it   Add to Blinklist   Add to FUrl   StumbleUpon