How Bad Credit Personal Loans Can Help You in Tough Times

How Bad Credit Personal Loans Can Help You in Tough Times 5.00/5 (100.00%) 1 vote

People who suffer from having a bad credit history may find it harder to deal with lenders. Most lending companies prefer clients with good to excellent credit and if your credit rating falls short of their expectation, your application can get easily declined or disapproved. But what if you’re really in need of financial assistance? Where can you find the right kind of help?

The fact is, just because you have a bad credit history doesn’t mean yours is a hopeless situation. There are many reasons why a person gets stuck with bad credit. Although uncontrolled debt or financial mismanagement is a common cause, other possible reasons may be circumstances beyond your control such as sickness, a failed business, divorce, or other emergencies.

Why Seek A Bad Credit Personal Loan

Thankfully, there are lending companies in the market who willingly offer personal loans for people with bad credit. Yes, a bad credit personal loan can help you get through bad times. More importantly, a bad credit personal loan can be your stepping stone towards rebuilding your credit history. Is it really possible?

[Article:  What Exactly is Bad Credit Loan Refinancing?]

Bad credit personal loans are really designed to help people with bad credit. Despite the risks, many lending companies have made provisions for people with bad credit because there is huge market of consumers who are not qualified for standard loans. Understandably, lending companies may require higher interest rates and fees because of the risk involved.

Nevertheless, this doesn’t mean you should settle with unfair costs or unreasonable terms. Even if you suffer from bad credit history, you still deserve to be treated fairly and with dignity. To avoid dealing with the wrong kind of lenders, you have to be willing to spend time and effort researching and comparing bad credit loan lenders.


Help for Rebuilding Bad Credit History

Watch out for lending companies who may offer very low interest rates that are bound to increase at any time during your loan’s term. Remember that the only way you can completely rebuild bad credit and enjoy a good credit standing is if you can stay consistent with your payments throughout your repayment period. Yes, if you make it a point to submit your payments on time, having a bad credit personal loan can help you improve your credit history one step at a time.

[Article:  Do’s and Don’ts On Acquiring a Bad Credit Personal Loan]

The internet is a great tool for researching about a lending company’s background and reputation. It is also a convenient way to compare rates and fees of one lender to another. Remember that aside from having a reasonable interest rate, you want to make sure that there are no hidden charges or unreasonable clauses in your loan contract.


About the Author
Melanie Mathis is a credit analyst and an assistant writer of Liz Roberts 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 credit cards.

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26 comments for “How Bad Credit Personal Loans Can Help You in Tough Times

  1. annie12
    October 30, 2009 at 3:56 am

    Personal loans for unemployed people can be availed through physically lenders as well as online lenders.Since personal loans for unemployed people can be availed in two categories secured and unsecured loans are also very fruitful for the bad credit individuals they can easily apply for it without exhibiting their credit history.

  2. Reginald
    November 12, 2009 at 6:14 pm

    Listen, I’m looking for any one that could help me gather some good ideas on how I could get a loan to help me invest on the business. I find lots of businesses but lack of money stop me from getting start. is there any way that I could get this loan because I have the badest credit in the world.
    Please answer.

    Thanks

  3. jhonmarsh
    November 17, 2009 at 1:10 am

    In business, a financial plan can refer to the three primary financial statements (balance sheet, income statement, and cash flow statement) created within a business plan. Financial forecast or financial plan can also refer to an annual projection of income and expenses for a company, division or department.

  4. fakir
    November 7, 2009 at 7:19 am

    The credit loans are very much essential and people need to know from where they are getting and the benefits he is offering for the loan. It is too important to make a note about the way we are going to return money and the resources we have.

  5. bendjamin
    November 20, 2009 at 4:23 am

    I am a very new to the whole loan thing and have literally been all over my hometown trying to find a personal loan. The thing is, I have very little (pretty much none) credit history, and even then it is stated as bad credit because of a small fee I forgot to pay to a past college, which was sent to debt collection. I am currently trying to find a loan for $4,000 to pay tuition fees, but everywhere I’ve been it has been denied because of my crappy credit and to top it off have income from SSI as unemployed. I don’t have much time before my school is to request my payments for tuition, in which not even student loans could help me with this because the school itself is abroad. I guess being a total newbie to this whole thing also messed things up, because I didn’t know that each denied mark decreases the chance of a different personal loans company even more, and I ended up with about 5 marks already, and can’t re-apply with the chance of a co-signer because I don’t have one…
    … being one with fixed income as disabled, I will say that I am NOT the kind who takes advantage of the system and lives off the government in this matter. I have been struggling to complete college since the day I graduated highschool and so far have been making the most of my education from day 1. Now that I’m finally here in the start of my career, being marked disabled has only made things much harder as I am barred from getting employment or any independence whatsoever… it really sucks

    anybody have any serious solutions as to how I can deal with this kind of loan problem?
    I seriously feel as stuck as a fish in one of those plastic soda things…

    • admin
      February 22, 2010 at 9:20 pm

      Have you talked to your schools financial aid counselor? Since your school is abroad and not in the US I don’t really know how to help you, but I wish you the best of luck!

  6. steelson6
    January 13, 2010 at 5:02 pm

    I really agree with bad credit personal loans because those people who need them really need the most help. Along with just getting the loan i think they should have to take a class so they can learn more about finances because the more we learn about finances the better off they will be and they won’t be back having more problems. Honestly if finance was taught better there would be a lot less people going into debt i believe.

  7. berry
    January 21, 2010 at 6:45 am

    Really i am impressed from this post….the person who create this post he is a great human..thanks for shared this with us.i found this informative and interesting blog so i think so its very useful and knowledge able.I would like to thank you for the efforts you have made in writing this article.

  8. Ellen
    February 22, 2010 at 8:32 am

    i would like to open a loan but i have a bad credit please help me

    • admin
      February 22, 2010 at 9:17 pm

      what kind of loan? What is your credit score? How much do you need?

  9. Toya
    April 17, 2010 at 1:54 pm

    I need to apply for a bad credit loan but where do I go to apply for one?

  10. Ming
    April 22, 2010 at 5:58 pm

    I need a loan or credit card with a $4500 limit, to become a certified dog groomer (includes the course & supplies) but I have really bad credit. I have a guaranteed job as a certified dog groomer…I just need the certification. I need a loan that can pay for my schooling. I don’t know what to do!

  11. Small Bad Credit Loans
    April 26, 2010 at 3:09 pm

    Excellent article that addresses a broad spectrum of issues. When I left a relationship there were some bills that got unpaid and left me with bad credit. Obtaining loans after a situation like this can get quite complicated if you don’t know where to look. The best advice is to work on rebuilding your credit as soon as possible. Lenders may notice that your score continues to improve and may help you lower your rates. In a year or so of rebuilding your credit using revolving payments (such as credit cards that you pay off each month)that should help you obtain better rates and lower payments in return. This will help with personal loans, car loans, house loans, etc. Each percentage point added to a loan regardless of size adds up extensively over time.

  12. Stacy
    April 28, 2010 at 1:47 pm

    oh, and our credit is getting worse and worse.

  13. Roxanne
    June 15, 2010 at 6:31 am

    Where can you get these loans?

  14. Chloe
    July 26, 2010 at 1:13 pm

    Fact is, you cant. Try a title loan….(if you own a car you can put up your title for about 1-2k, but if you don’t pay, they keep it and you wont be able to trade in your car, they can aso take it.

    Also, try cash advances, you must have a checking account in most cases some may ask you for a voided check so that they can deduct the amount, or a small percentage of the amount form your direct deposit in your checking account.

    Try your credit unions or try your schools.

    Other than that, you are prety much screwed unless you work really hard on knicking off debt.

    You can also “opt out for 5 years” of receiving offers for credit cards, its free and it boosts your score up 8-20 points.

  15. Andreea
    August 16, 2010 at 3:04 pm

    Indeed, they can help you a lot for the moment, and hopefully after you can get to pay back all the money you got from the bank..- that’s tougher right?

  16. Hannah
    September 9, 2010 at 9:46 am

    We should all be responsible in paying our debts, after all these banks have helped us anyway.

  17. Ugg
    January 18, 2011 at 1:13 pm

    This actually answered my downside, thanks!

  18. needan auto loans
    September 2, 2011 at 12:11 am

    Thanks for the advice and good information.

  19. Nick Prosser
    September 15, 2011 at 11:15 am

    Thanks for sharing superb informations. Your website is so cool. I am impressed by the details that you¡¦ve on this web site. It reveals how nicely you understand this subject. Bookmarked this website page, will come back for more articles. You, my friend, ROCK! I found simply the info I already searched all over the place and just could not come across. What an ideal web-site.

    • Melanie Mathis
      Melanie Mathis
      September 19, 2011 at 7:20 am

      Welcome Nick!

  20. bad credit auto loans us
    December 2, 2011 at 1:29 am

    Your information is great, and thank you for your response.

  21. playloace
    December 11, 2008 at 6:22 pm

    Hello

    May be I am created topic not in right directory. So admins, please, remove topic to right category.
    I am woman, who had own restaraunt business in Paris. But after deforced with my husband I am leave all this business to him.
    Now I am search new business ideas. But I am wish to create a internet (online) business Because seems it become more popular each year.
    I am want to ask what troubles I can have by creating my own internet business? How money I am need and what ideas?

    Thank you to all who answered to me.

  22. richhardan
    October 6, 2009 at 2:12 pm

    Another day another dollar, at least that’s what we hope for right? For some of us that’s just a fantasy, we work all day just to be able to turn around and give all our money to pay the mortgage or to pay off the wife’s car. Whatever the case may be it seems to be becoming harder and harder to get everything paid off. One thing that I found helpful is that I found a place where I could get a low interest personal loan, which helped me to pay off some of my higher interest loans or credits. This seemed to really help and now I am feeling a little less stressed and things seem to be going just a little bit better.

  23. Reid R
    January 21, 2009 at 12:23 am

    Building credit has become an essential part of financial success that most of us as consumers fail to realize. People, which have a bittersweet relationship with their credit history, will encounter problems on getting loan. Sometimes this factor is the reason that hindered them from approval of loan. The credit score affects you from acquiring into an auto loan, mortgage loans, insurance or even in your potential job. With the exception of payday loan lenders and a few like them who don’t require a credit check when obtaining their services, most creditors report all open accounts, balances, late payments and so forth to the three main national credit bureau’s. These credit bureaus determine a credit score for each consumer based upon their own mathematical algorithm which creditors look at before awarding or denying you credit.

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