Although bad credit can be a sticking point when it comes to getting loans from major banks or other lenders, there are still a number of products available for people with low credit ratings if you know where to look. Traditionally, they're called Bad Credit Loans (no surprise there!) and can help people with poor credit ratings improve their credit score through regular repayments. However, such loans usually have higher rates than traditional lending options, simply because they're seen as being higher risk by lenders and loan providers who want to protect themselves from losing money.
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Primarily, Bad Credit Loans come in the form of secured loans that are taken out against your assets, often in the form of a house or car. This is to ensure that the lender or loan provider is protected for the cost of the loan, as they'll get to keep the asset should you default on payment. That isn't to say that all loans for people with poor credit ratings are secured, as unsecured Bad Credit Loans do exist - while not impossible though, these loans can be incredibly difficult to get since the unsecured nature puts the lender or loan provider at great risk. As such, unsecured loans for people with low credit scores tend to not be approved by lenders and loan providers very often.
Whichever kind of loan you're trying to get though, the best way of getting it would be through a loan broker - that way, you'll be offered a wide selection of loan options instead of just the ones offered by whichever loan provider you approach. The best loan brokers don't charge up-front fees either and will have the most lenders on their books, so it's worth hunting around to find a good one.
In Summary
Loans for people with bad credit...Do actually exist! Are known as Bad Credit Loans Can improve your credit rating through regular payments Have a slightly higher interest rate than regular loans Are often secured on the borrower's assets, but can be unsecured too Usually have no up-front fees
Copyright: Individual Finance, 2010
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