Applying For a Poor Credit Loan

Having a poor credit history will no doubt make it more difficult for you to get a loan. The financial lenders have a whole different set of rules and regulations that you will have to adhere to before they even think about lending you money. They prefer to lend to more financially stable individuals as it gives them less risk. A poor credit loan is still certainly possible however; you just need to find the right lender.

Always Check the Annual Percentage Interest Rate (APR)

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The APR is the amount of interest that you pay on a loan each year. With poor credit loans the interest will be a great deal more than a standard loan. A typical loan will have an interest rate of somewhere between 8% and 30%. So you need to check that the APR on a loan you might be looking at is not set at a very high rate. You need to be able to comfortably afford to pay it each month.

Using Collateral

Lenders need to be sure that they can somehow get their money back if you refuse to pay or cannot keep up with repayments. So, most lenders will get you to agree to use collateral as security against the loan. This can often be a car or more likely your home. So if you don't keep up repayments you could quite easily be removed from your own home. So again, always make sure you can afford the repayments.

Many lenders will now offer a poor credit loan as the economy just isn't as strong as what it was and more and more people are ending up with bad credit. So the need for these bad credit loans is increasing all the time. Like any business, they will fulfil the need and meet the demand. The only thing is they charge more interest for it but at the end of the day you still get your loan which you probably need quite urgently.

Hopefully this article has given you some advice on how to get a poor credit loan for yourself. As I have said, the most important thing you need to do is check the APR that the lender is offering and make sure you can afford to meet the repayments each month. If you can't then you should look for another lender or not borrow as much money. The last thing you would want is to lose your home.

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