Even with poor credit, loans for many different purposes are available to you. However, your options may be limited in that you will have to pay a higher interest rate. There are many lenders that do take a chance on those with poor credit and give them the opportunity to redeem themselves and raise their credit score. Under normal circumstances, a person with good credit can negotiate the terms of the loan to fit their individual circumstances. With a bad credit loan, the lenders have to have terms that protect them just in case you do not make the monthly payments.
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Although loans for people with bad credit do exist, they are hard to find and come with many terms attached. One of these is increased borrowing costs and there are other fees that you have to pay that those with good credit would not have to bother with. There are also secured and unsecured loans for those with bad credit. With a secured loan, you have to put up collateral against the loan so that if you renege, the lender can take your collateral and sell it to redeem the money. An unsecured bad credit loan is much harder to find, since the lender does not have any guarantees.
You may be able to find a family member who will cosign a loan for you. In effect, this person is taking out the loan and is relying on you to make the payments. This is one of the protections that lenders have because if you don't make the payments, the cosigner will have to make them. This could bring about a rift in a family or sever a friendship.
When you are looking for a loan and you have bad credit, it pays to shop around. However, you should not submit applications to a lot of lenders because they do show up on your credit report. The more applications you have listed on your credit report, the lower your credit score will be.
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