There are two kinds of personal loans: secured, and unsecured. If you have bad credit and are looking for a personal loan, you will soon learn that almost all the bad credit personal loans available are secured. What this means is that unless you have some assets to pledge as collateral, you will be turned down by the lenders.
But not all bad credit personal loans require that you have collateral. If you can find someone with a good credit rating to co-sign on the loan and agree to pay it off if you should default, you may qualify. There are even some lenders willing to make bad credit personal loans with neither collateral nor a cosigner, but the amount they will lend is usually low, and the interest rates are high.
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The problem with taking out an unsecured bad credit personal loan with a high interest rate is that if you were having difficulty meeting your earlier financial obligations, accepting a loan with even higher monthly payments may be the financial equivalent of jumping out of the frying pan and into the fire.
Finding A Bad Credit Personal Loan
You can probably find several lenders willing to take the time to research the bad credit personal loans available to find one which will work for you, depending on your actual financial situation. If your intention in seeking a loan is to be able to consolidate your bills or to pay off a previous debt, you may have an excellent chance of receiving a bad credit personal loan.
Another kind of bad credit personal loan is the payday advance, and it will normally let you borrow anywhere from $500 to $1500, which you will be required to repay with interest by a specific date. These are very short term, high interest loans, and are not always limited to those with bad credit. Some payday advance lenders require you to give them a postdated check for the full amount of the loan and interest, to be cashed as soon as you have deposited your paycheck.
Do Your Homework
The type of bad credit personal loans for which you will be eligible depend both on the amount of money you want to borrow and the reason you need to borrow it. By spending some time researching the kinds of loans available you will be able to determine which companies are most likely to help you. You may find a company that is willing to loan you the full amount, but at excessive interest rates. Another company may offer more favorable rates, but not be willing to loan you as much as you want.
Make sure to research both these factors when searching for your bad credit personal loan, and also determine if you will be required to supply collateral. You don't need to feel embarrassed about applying for a bad credit personal loan as thousands of people apply for them everyday. Just make sure you are applying to those lenders who are most likely to give you a favorable response!
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