#best loans for bad credit
Top 10 Personal Loans for People with Bad Credit
Due to the increase in demand for bad credit loans, there are programs which have been especially designed to cater to those with bad credit ratings. Below is a list of ten possible options that you can look into if you have bad credit and is in need of a loan.
1. Secured personal loans:
Secured loans are offered at a lower interest rate and lower repayment terms. This is due to the lesser risk factor involved in a secured loan Since secured loans are usually obtained by putting up collateral.
2. Unsecured personal loans:
Unsecured loans are loans that do not require collateral, down payment or any type of security deposit. For those who do not have assets to use as collateral, then unsecured loans are your best option.
3. Payday advance loans:
Payday advance loans are the quickest type of loan to obtain, but have the highest personal loan rate.
4. Car title personal loans:
Car title personal loans are also the quickest type of personal loan for people with bad credit to get, but at a higher rate.
5. Guaranteed Personal Loans:
These loans often have very high interest, but are available to anyone, regardless of credit history. A job and a checking account are usually required. In most cases the funds are deposited to the borrowers’ checking account and the payments are then withdrawn from the borrower’s checking account.
6. Education bad credit loans:
Not sure how you are going to pay for college expenses, well an education loan might be your answer.
7. Consolidation bad credit loans:
Can help you to consolidate all your debts by paying them off with one single loan amount.
8. Mortgage bad credit loans:
Loans for home are known as mortgages. As a borrower you can make monthly installment payments on your mortgage.
9. Credit Cards bad credit loans:
Credit card loans are open-end installment loans, where you make monthly payments until the loan is paid off.
10. Short Term bad credit loans:
Short term installment loans of up to $1500, 00 can be yours in as little as hours. These installment loans are similar to payday loans but with the option to pay back the loan in smaller portion on your paydays until the loan are paid off.
To get the most competitive rated and the best deals on your personal bad credit loans you will have to shop around. Putting in the hard work now can save you a substantial amount of money in the future. This is your chance to erase the past and rebuild your credit score. so consider all your options, the pros and cons and make the best choice for you. It is up to you the consumers to carefully research lenders in advance of applying for a personal bad credit loan so that you don’t get stuck with ridiculously high fees or impossible repayment terms. It’s also important to read all contracts and understand the terms before accepting any personal loans.