Bad or poor credit can sneak up on you before you know what is happening. There are many reasons that you may have less-than-perfect credit. Perhaps you lost your job as so many individuals have during the current financial crisis, or became ill and were unable to work to meet payments that were owed to your creditors. Whatever reason might be behind your poor credit, a bad credit personal loan can help you out of your current bind by providing you with loan amounts up to $10,000.
Your credit is considered poor if you have a FICO credit score of less than 650. Although getting a loan with bad credit might be difficult, there are lenders who are willing to take a risk on poor credit borrowers and loan them the money that they need today.
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Money For Any Reason - Up To $10,000
Your bad credit personal loan of up to $10,000 can be used for whatever purpose you might have for needing cash now. Whether you plan to catch up on bills that have begun to accumulate, pay for major purchases like furniture and appliances, or pay for education - the choice is yours and there are lenders who will service your bad credit personal loan.
Choice Of Loan Types
There are two types of bad credit personal loans. The most common is the secured version. A secured poor credit personal loan requires that you allow the lender to place a lien against your home or automobile to ensure that they get repaid for the money that they extend on your behalf. The secured bad credit personal loan is the least expensive of these types of loans because the lender is not taking a great risk by loaning you money - which means you will pay less interest charges and fees.
The other type is the unsecured personal loan. The unsecured version does not require you to pledge any type of collateral and is therefore the more expensive of the two. You can expect to pay more interest on an unsecured bad credit personal loan than you would with the secured poor credit personal loan, sometimes as much as ten percent more. Therefore taking out the secured version will save you tons of money, and also will allow you to take a longer amount of time to repay the lender - which will make your monthly payments far less.
For those borrowers who do not have collateral to pledge or may not want to risk their collateral in a failing economy, you can always apply with a cosigner. A cosigner is someone who agrees to repay the lender if you fail to do so. Applying with a cosigner who has good credit will garner you a lower interest rate on the unsecured bad credit personal loan.
Online Savings
You can save even more by using an online lender for your bad credit personal loan. Online lenders not only have more money to lend, they usually charge less interest than typical banks in your area, and have higher rates of approval for borrowers of all credit types and situations.
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