Bad Credit Personal Loans Info

By: Jennifer Morva

The very first question that arises is that is it possible to get a loan irrespective of bad credit score. The answer to this question is certainly "YES". Yes, one's bad credit score can't come in the way of availing a loan. The only thing you may find a bit troublesome is the interest rate which is slightly higher than any other normal loan.

For these kinds of personal loans anyone can apply. If the loan is availed against any collateral then the loan amount that can be obtained is around 125% of the value of the collateral. You can apply online and almost immediately your application is forwarded to the lenders. While processing your application for personal loan for bad credit, lenders enquire about your financial status. Like your past credit score, your support income etc. After all these procedures if your application is approved then loan is granted depending on your ability to pay back. You can use these loans for any purpose you want to.

The interest rate varies from person to person depending on whether the loan is secured or unsecured in nature. For a secured personal loan for bad credit interest rate typically varies from 7.9% APR Variable to 19.9% APR variable depending on the credit score of the borrower.

For unsecured personal loan for bad credit the interest rates vary from 7.4%APR to 41%APR. The deciding factor is again your credit score. One must also take care of the repayments, if payments are not made in time it can have an adverse effect on your credit ratings. And spoiling your credit score might land you in even more financial dearth.

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