Can You Get a Personal Loan with Bad Credit?
Bad credit personal loans have flooded the consumer market over the past several years. This is good news — just because you have some blemishes on your credit report or an uneven income stream shouldn’t disqualify you from locking in on relatively good rates for personal loans.
That said, the conditions under which you can contract for bad credit personal loans can vary significantly. If your credit rating is horrible, or if you’ve demonstrated creditor malfeasance recently (e.g. filed for bankruptcy), you may find that your options for personal loans are quite limited.
Moreover, so-called unsecured personal loans, debt arrangements designed specifically for people with horrendous credit or no credit at all, may charge usurious fees. Unfortunately, many indebted Americans find themselves in a snowball situation, debt begets debt, and the fees from interest rates end up going through the roof, overwhelming any balance payments that come in.
In other words, bad credit personal loans can be powerful tools for accessing quick cash in an emergency, reallocating even higher interest debt to prepare for debt reorganization, or simplifying your financial planning. But these kinds of personal loans also can put you at higher risk for default and mismanagement. In fact, experts in personal loans recommend that bad credit individuals work as hard as possible at restoring their good credit.
After all, the difference of a few percentage points on a loan may not seem like much now. However, when you extrapolate the costs/savings of interest rate differences over a long period of time, the numbers can be staggering. A difference of 2 percentage points on a simple $400,000 mortgage can stack up to tens of thousands of dollars over a 30-year plan, for instance.
Given that your bad credit might be caused by something as innocuous as an accidental misreporting of a bank finance charge, it behooves you to attend to your credit problems now — if for no other reason than to expand your options for personal loans in the future. Breaking the cycle of downward momentum requires fiscal discipline, talk to an accounting coach if you’re having trouble keeping track of the numbers.
Still confused about Personal Loans or need some help deciding on your cash advance options? Then let the experts at The Andres Financial Group help you. Our network of highly trained professionals that have over 30 years of combined experience in the buyout of future payment streams can you get you the money you need now. Contact us Today!
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