By Ben Sparks
If you are looking for individual loans for bad credit chances are really good that you may be discouraged. The good news is that you will find a few options for individuals with credit issues to find individual loans.
If you require a loan of as much as $1,000 and have the ability to pay it back in a quick amount of time, a payday loan is one of probably the most likely choices. These are readily accessible from a number of lenders and they give you money that they expect you to pay back with your next paycheck.
Payday loans typically require you to become able to prove a certain amount of income, but they accept people who have terrible credit, as much as and including bankruptcies. The downside to them is that they can carry higher interest rates, but as long as you pay the loan back promptly it’s not a issue.
Secured loans are also feasible if your credit isn’t great. A secured loan is really a loan where you promise some type of valuable in exchange for the loan. If you pay the loan back, you get your property back, but if not, the lender gets to maintain it. Examples of this include bringing jewelry to pawn shops or getting a loan that’s secured with the title of a car you own.
A newer version of personal loans for people with poor credit are private lending systems online. A couple of companies have websites where you are able to place a request for a personal loan and individual investors can bid on part or all with the loan terms. The worse your credit is, the higher interest you are likely to pay, but this choice offers alternatives for individuals who have been rejected for other kinds of loans.
One more possibility is asking someone who has good credit to help you by cosigning about the loan. This gives banks an additional option for collecting the money so they may be more willing to give you a reasonable interest rate. If you have someone who will do this for you, it might be the greatest bet for individual loans for bad credit.
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MLA Style Citation:
Sparks, Ben "Where To Look For Individual Loans For Bad Credit." Where To Look For Individual Loans For Bad Credit. 27 Jun. 2010. uberarticles.com. 30 Sep 2014 <http://uberarticles.com/finance/where-to-look-for-individual-loans-for-bad-credit/>.
APA Style Citation:
Sparks, B (2010, June 27). Where To Look For Individual Loans For Bad Credit. Retrieved September 30, 2014, from http://uberarticles.com/finance/where-to-look-for-individual-loans-for-bad-credit/
Chicago Style Citation:
Sparks, Ben "Where To Look For Individual Loans For Bad Credit" uberarticles.com. http://uberarticles.com/finance/where-to-look-for-individual-loans-for-bad-credit/
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