You are suffering from bad credit. As if that was not bad enough, you now find yourself in need of money for some unexpected situation. It is easy to begin to wonder if a personal loan is even an option for you. Actually, you may be surprised to hear that a loan may be the perfect solution for your emergency money need.
Secured vs. Unsecured Loans
Every loan falls into one of two types. It does not matter what purpose the loan is for. The first type is a secured loan. This is a loan that uses some type of physical property as the collateral for the loan. Common types of collateral are homes, land and vehicles. Your credit history does not come into play with this type of loan. This is because there is a safety net in place for the lender, the collateral. If you defaulted on a secured loan, the lender would simply take the collateral property and sell it.
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Then there are unsecured loans. If you have bad credit, it will be harder for you to get one of these. But it is not impossible. With an unsecured loan, the lender is extending you good faith. The lender will not have anything to repossess to repay the loan. If you have poor credit, the lender will be looking more closely at your application. After all, if you default on an unsecured loan, there is nothing for the lender to sell to get any money back.
Finding an Unsecured Loan with Poor Credit
If you look online you will see a multitude of unsecured loans for people with bad credit. People get these loans to pay off medical bills, consolidate debt, repair homes and vehicles or just pay the bills while under- or un-employed.
Online lenders compete heavily for your business. They specialize in helping people out who suffer from bad credit. You should still discuss your financial situation with your credit union or bank. You have an established relationship and they may be able to help.
Comparing Options Online
Not everything offered on the internet is of equal value. This is also true of online loans. Many online lenders will try to slip in some fine print that will harm you in the long run. The Better Business Bureau collects information on reputable lenders and should be part of your evaluation process.
Verify the telephone number and physical address of the online lender. There are a lot of internet scams and you do not want to send personal information to a site that does not have any person to speak with.
Details of the Loan
The lender views you as a greater risk if you are not putting up collateral against the loan. But the lender makes up for this by adding other details to the loan to benefit them. The biggest thing that lenders will do to protect them when lending you money if you have bad credit is to raise the interest rate.
Never accept a loan if you feel you will not be able to pay it back. Defaulting on a loan will make your already bad credit score get worse. If you can pay it back and are responsible with your finances going forward, then consider your options and pick the type of loan that works for you.
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