2007-10-09 07:59:29 · 4 answers · asked by texas_2424 1 in Business & Finance ➔ Credit
Today the lenders have started offering nearly all varieties of loans for people with poor credit record.They are also introducing many new loan products meant for this group. Now people with poor credit can get the same choices as those with the good or mediocre credit. Today you can use bad credit personal loans for many purposes like car purchase, vacation or even debt consolidation.
But if you have some assets to offer as collateral, your chances brighten. The primary reason why people with poor credit history do not get loans is because the lenders are scared that the borrowers will default again. But if you can offer collateral, your lender is secure in the knowledge that his money is in safe hands. You have to try and meet the repayment schedule, failing which you lose the asset.
http://pay-your-debts.com/category/Personal-Loan-With-Bad-Credit.html
2007-10-09 16:04:17 · answer #1 · answered by Pitty T 2 · 0⤊ 0⤋
Apply lots of places, like Beneficial and Household. Bad credit doesn't mean you can't get a loan, it just means that the rate will be higher because you are a bigger risk.
2007-10-09 08:03:26 · answer #2 · answered by Ted 7 · 1⤊ 0⤋
Stay far away from CashCall, which is a notch above a loan shark. Talk to credit unions, bigger banks and subprime lenders like HSBC / Household Bank.
2007-10-09 08:11:29 · answer #3 · answered by nkozyra 2 · 1⤊ 0⤋
Credit Score is not all they look at, must meet minimum debt service ratios, your cosigner if you have and they look your job.
I found interesting information about your answer: the best Loans for people with Bad Credit & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/bad-credit-loans.html
2007-10-10 03:22:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The interest is sky high but they do offer personal loans to people with less than stellar credit. CashCall.com
2007-10-09 08:08:36 · answer #5 · answered by Anonymous · 0⤊ 1⤋