A person who has to deal with bad credit can have a difficult time finding a loan at a reasonable rate. Subprime loans are often regarded as loans with excessive fees but this is not necessarily true for all lenders. By doing research, it is possible to find a bad credit loan with a reasonable offer.
Secured Personal Loans for Bad Credit
Most Popular ONLINE Bad Credit Personal Loan Companies
Do you need a personal loan for a financial emergency? If waiting until your credit score improves is not an option, you can apply for a secured bad credit loan. If you have a home property, a car, or any asset which has a higher value than the amount you plan to borrow, you can use it as security for the loan. The collateral you will submit can enable you to get a much lower interest rate than a non-secured loan for bad credit. Furthermore, you can choose a more flexible repayment period which can range from 5 to 25 years, depending on the amount you borrowed.
100% Guaranteed Bad Credit Loans
What if you do not have a property to submit as collateral for your loan? In this case, you can obtain an unsecured personal loan for bad credit. There are certain limits to unsecured bad credit loans such as a smaller loan value and a shorter repayment period. As expected, the interest rates are slightly higher than secured bad credit loans.
[Article: Should I Borrow Money to Pay Off My Debts]
These unsecured loans are also known as guaranteed approval loans, quick loans, payday loans or cash advance loans. Although the names may vary, all these loans are especially offered for people with bad credit or no credit history. The basic requirements to get approved are for the borrower to be of legal age, have a job and have an active bank account. The maximum amount for these types of loans vary depending on how much you get paid. For those with a higher salary bracket, they may be able to borrow a larger amount based on the value of their salary. The loan limit for these loans may depend on the State Laws as well. Borrowers are reminded to seriously consider their repayment capability before acquiring one of these loans. Take note that for a secured bad credit loan, you run the risk of losing your property to your lender if you fail to complete your repayment obligations. Before signing up for a loan, read and understand the Terms and Conditions.
About the Author
Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of NHBS, Inc such as their continuous effort in giving out Free Credit Repair and Building Ebook. NHBS also has a list of recommended bad credit personal loans
Diclosure: If we like a product and that product has an affiliate program, then we will link to that product using an affiliate link. Using an affiliate link means that, at zero cost to you, We might earn a commission on a product if you buy something through our affiliate link.
Disclaimer: Information in these articles is brought to you by www.newhorizon.org. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.
User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.