Why a bad credit loan can be right for you

06 May 2013 - Mark Maffia

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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.


 

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