What is a guaranteed bad credit personal loan?

Juddie

4 août 2011

A guaranteed bad credit personal loan is a loan that is given to a borrower with bad credit. Lenders will not do a credit check for this type of loan, they only make sure that they charge you high interest rates. This is because this type of loan is high risk, lenders will give you a loan despite your bad credit history.

Applying for a guaranteed bad credit personal loan

The process is similar to any personal loan application, only that here, the lender does not even look at your credit rating no matter how bad it is. The borrower is guaranteed of receiving the loan, so there is no need to worry about what your credit rating looks like. They only need your personal information, employment and income proof as well as your bank details. Bad credit personal loan lenders If you are looking for a guaranteed bad credit personal, you may need to apply from a lender that deals with clients who have bad credit history. They will have special rates and for such people, it is very easy to have the loan approved. Most payday loan companies do not check your credit history, they only insist that you must be employed in order to have your loan approved.

Costs and other fees

Normally, guaranteed bad credit personal loans are expensive due to their risky nature. Lenders will charge slightly higher interest rates and processing fees for easy personal loans. They are also strict when it comes to your employment status, bad credit personal loans are only given to people who are on a stable job. Repaying your loan within a shorter period of time can reduce the cost of your loan quite significantly.
Compare lenders If you want to apply for a guaranteed bad credit loan, make sure that you do your research well. Look at the rates from different bad credit loan providers, you will find that some lenders are cheaper than others. Rates will depend on the amount you are borrowing. Before you can submit your application,you can also find out from friends and family for references. You want to make sure that you use a reputable and
well-known bad credit personal loan company.

A guide to improving your credit score

A bad credit rating can be repaired, although you cannot mend those ratings overnight. Check your credit score and know your credit history as that will help you in identifying the factors responsible for your bad credit rating.

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