In need of a bad credit loan? Our team here at Loanshark.co has put together a comprehensive FAQ for you to review before you apply for any type of loan. We’re also in the process of putting together a list of lenders. So be on the lookout for that!
- Bad Credit Car Loans
Getting a bad credit auto loans to buy a car is a little more difficult than a traditional “great” credit loan. But it is possible to find a bad credit car loan. Some car businesses offer financing to all sorts of credit levels. As you take out a bad credit car loan you should prepare to pay a higher interest rate. Getting a loan is possible, but your monthly car loan payments may be a bit higher. Bad credit auto loans really depend on the car lot and the banks they are working with. Some banks are willing to give customers with bad credit a loan based on the criteria of the auto business.
- Unsecured Bad Credit Loans
It’s easy to get a loan when you have some sort of collateral, but it’s hard to get a loan when you do not have anything to hand the bank. While you may not be able to get a traditional unsecured loan from the bank, you have several other options. Taking out a payday loan or a private loan is the way some people combat their bad credit in order to get a loan.
- Bad Credit Payday Loans
Sometimes life happens and you need money fast. That’s where bad credit payday loans come in. There are dozens and sometimes hundreds of locations that offer payday loans without a credit assessment. Just be warned that there are dozens of fees associated with payday loans. It’s important to pay this sort of loan back as quickly as possible. Payday loans are typically something you can only do once a week and it’s for small amounts only.
- Bad Credit Home Loans
Getting a bad credit home loan is easier to obtain than many other loans. Why is this? There are government programs that will back up home loans to help you obtain one. There may be several extra steps you have to take in order to obtain a USDA or FHA loan. You may also be able to obtain a bad credit home loan, but will most likely be asked to pay a higher interest rate loan. There is always an option to use a cosigner to obtain a lower interest rate on a home loan.
- Debt Consolidation Loans
Do you want to consolidate some of your debt? A great way to do this is through a debt consolidation loan. Debt consolidation loans are also unsecured loans that usually depend on your credit. However, sometimes banks or credit unions will offer debt consolidation loans based on certain credit terms. It’s never a bad thing to go ahead and apply for a debt consolidation loan as these loans are so different than auto, home, or payday loans. Debt consolidation is something a lot of consumers do to have one monthly payment and to reduce the total about of debt that they owe. In some cases, you may be able to get a lower interest than what you’re currently paying.
People use private loans to pay for large items like education, extra expenses, and even debt consolidation. Getting a private loan is harder since the recession hit in 2008. Private loans are easy to get when you have a decent credit score and appropriate collateral to put down. Private loans are available for car loans, student loans, and even debt consolidation. These types of loans are offered by banks and credit unions all over the world. Some private lenders even render their services through online services. In some cases, you may be able to get a private loan but may be limited on the amount of money you can actually borrow.
Bad Credit Personal Loans
Millions of people find themselves needing personal loans each year. Personal loans can help consolidate debt, pay for a car, or an unexpected expense. The bad thing about obtaining a personal loan is that some banks will not allow you a loan based on your credit. That’s where you need to have other options. You should have a decent income and a verifiable income in order to obtain a bad credit personal loan. Obtaining a personal loan with bad credit may require a cosigner. Cosigners help reduce the interest rates on loans and also help a financial institution feel better about loaning money to you.
If you’re having trouble paying back a payday loan debt, you may want to check out our payday loan consolidation page.