Bad Credit Loans Advice

Bad Credit Loans are a type of personal or cash loan program that is offered to individuals that have bad credit. Generally speaking a person with bad credit would also have a low credit score.

Credit Score Range

You would be rated as having bad credit if your credit score is 500 to 580. You can still get approved for a loan at this level but you will not like your interest rate.

If you have a credit score of 499 or below, you will still get approved, but your interest rates and payments will be the highest rates that the lender can place on your loan.

How To Look up Your Credit Score

If you have bad credit, before you apply for a loan, you should lookup your credit score. Knowing this information will help you to find the best lenders for your credit rating.

Contacting Lenders

The first step to get started is to contact some of the lenders in your area. Make a call to your bank or credit union. Ask them do they handle unsecured personal loans. If there answer is yes, then ask then if they also offer less than perfect credit. At this point they will ask you if you know your credit score. You would say yes I do and tell them what your credit score is. Now the lender can tell you if they can help you based on your credit score. This step will help you to move on to the next lender quickly without wasting a lot of time or energy.

Finding Bad Credit Lenders

The best place to find companies that offer poor credit loan is by going to the internet. There are hundreds of different online companies that offer this type of loan service. They also have access to other lenders that they can go to for your loan request.

My name is Larry Kearney and I have been working in the financing industry for over 10 years.

About the Author:

My name is Larry Kearney and I have been working in the credit and loan related business for over 15 years.

Article Source:

Newsletter Subscribe to get car loan updates and news.