Why a bad credit loan can be right for you

06 May 2013 - Mark Maffia

Email Article Print Article

Why a bad credit loan can be right for you

People who have been refused for a loan can still apply for a bad credit loan

To have been turned down by a bank for a loan is not just a frustrating experience, it can also mean that an urgent financial situation cannot be taken care of.

What is a bad credit loan?

Bad credit loans are personal loans for people who don't have a credit score good enough to be accepted by the majority of lenders. They are usually more flexible than other loans, but one is not able to borrow very high amounts.

How long can I borrow money for?

Bad credit loans are not payday loans where you only have a few weeks up to 36 months can usually be granted.

The advantages of a bad credit loan

The main advantage of a bad credit loan is that you can still borrow money even if you have been rejected by other lenders, the terms are likely to be more flexible, and the money usually arrives quickly.

Are there disadvantages?

To lend money to people with a bad credit score means a higher risk for the lender.   This is why bad credit loans will be more expensive.    Furthermore, to take out another loan because of a bad credit score might not be advisable unless a serious financial emergency has to be dealt with.    Before taking out a bad credit loan it is advisable to first compare different lenders and read their terms and conditions carefully before signing any contract.




Compare Foreign Exchange and Currency >>

Compare Loan and Debt Products >>

Compare Cards Products >>

Compare Money Products >>

Compare Insurance Products >>

Always dreaming of that brand New car , Vehicle loans can help you achieve just that .
31 August 2018
Which Way To Pay
Vehicle Loans are there to help you to be able to purchase that new car
Everyone wants that special vehicle , but cant always afford it straight away
18 April 2017
Which Way To Pay
We all know its nice do drive a new car , but not everyone has the cash available , Vehicle loans are the answer
As we all know our pets become biog parts of our family life , so we need to make sure we are covered for any unexpected accidents or illness.
08 August 2015
Which Way To Pay
Pet Insurance has become a major part of many households. This is taking out to protect our beloved pets to any mishaps that may happen .