If some people are asked this, they would certainly say, no. This is because the common notion is that a good credit score is the only acceptable score. The notion is quite inaccurate. This is because a good credit score is in fact only the standard. This score can easily get approved. However, bad credit scores can also be approved under the right circumstances.
What are these circumstances? It all depends on the credit inspector. This person decides whether to approve a loan or not. He inspects the situation of a debtor in all aspects. If the debtor has a good credit score, he can get easily approved. But if a debtor has a low or bad credit score, he needs to be scrutinised further. The inspector will have to find out the reasons why this debtor had such a bad score. And the reasons can come out reasonable. In some instances, the debtor could have lost his job thus he was late with payments. A health emergency could have also taken the rest of his funds so he was not able to repay. Also, he could have lost his home through an unexpected reason so now he wants another house loan. When any of these reasons is found acceptable by the inspector, he can approve the loan application.
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However, things are not a happy ending still for bad credit scorers. Although they are approved for a loan, they would only qualify for the fitting one. And this means bad credit personal loan only. This type of loan includes a stricter form of policies. For instance, interest rates are higher compared to good credit loans. Additionally, creditors could also require a security pledge. This is in forms of valuable properties that are competitive against the amount the loan.
For bad credit home loans, security pledge is atypical. Debtors usually pledge their existing homes or a business property. Lenders require of these securities when they find the debtors as not such a good risk. There is a possible threat of default just like on the debtor's credit history. So to avoid this, they must secure their investment. They need to redeem the loan they have given as quickly as possible. This explains the high interest rate and security pledge of the bad credit loans.
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