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Bad Credit Loans - Loans for Bad Credit Borrowers

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If your credit has nosedived in recent years, especially due to a job loss, illness, or other factors beyond your control, you may have experienced the perils associated with the downward spiral. From credit card application rejections to mortgage denials, poor credit can hurt you in more ways than you can imagine.

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Unfortunately, the negative consequences can go way beyond just credit denials and can spill over when you really need (and deserve) financial help. Take the example of a personal loan or cash advance loan. If you are faced with an immediate financial crisis and need urgent cash, a personal loan may be the solution for you.

Untitled Document
Type Brand Type Loan Amount Credit Level Details/Apply
           
100DayLoans -- Pay Day Loans, Up to $1,500 in One Hour
  100Day
Loans
PayDay Loans, Personal
Up to $1,500 All Credit Scores, Good, Bad Credit OK
           
PayDayMax -- Pay Day Loans, Up to $1,500, Fast Cash, Up to 30% Off Initial Fees
$1000 fast!  PayDay
Max
PayDay Loans, Personal
Up to $1,500 All Credit Scores, Good, Bad Credit OK
           
Auto Loans -- One Application, Up to Four (4) Lenders Respond with Loan Offers
MAL Button  myAutoloan Auto Loans See Terms Good Credit Preferred
           
Prosper-- Peer-to-Peer Loans for a Variety of Needs (Personal, Debt Consolidation Loans, Home Improvement, Autos, Small Business Investment, Wedding Expenses, Major Purchases, etc)
  Prosper Variety of Loans See Terms  
           
Discover Credit Card
Discover┬« Motiva Card   Discover(R) $0 0% Intro APR* Upto 20%* Cashback when you shop through Discover.com
           

Unfortunately, the connotations of a “not-so-good” credit history can be discouraging even genuine loan applicants and many do not even attempt to apply for a loan out of fear of being rejected. While it is true that a good credit standing will enable you to obtain the best of deals when it comes to loans, but there is no rule etched in stone that individuals with bad credit will not be approved, ever.

Some myths (about credit scores) cleared

Your three-digit credit score (FICO, as is popularly known) may be a screening tool for many lenders but it is not the final deciding factor. Many lenders will look at your credit history as a “whole” as opposed to just a number. So, if your credit is not very “risk worthy,” but if the overall picture presents other positives to the lender, you may still be considered for a loan.

Even if your credit is really bad, there are lenders that specialize in offering bad credit loans. Not a technical term, but lenders do understand that borrowers deserve a second chance. The terms may be different and some lending institutions may even seek collateral or security, but options do exist.

Furthermore, if you have a friend, family member, or spouse who is willing to sign-on as a co-borrower, your chances of being approved for a bad credit loan are even higher. Though challenging, help can come from any corner.

How can you obtain a bad credit loan?

Well, there are several outlets you can explore if you need a loan. Some sources include:

Financial institutions. Banks, credit unions, and other financial organizations are a good start. It may take some time and research to find the right institution, but don’t give up. Bad credit is not the end of the journey.

Online. A lot of lenders offer loan applications online. Be careful, though, you must thoroughly research the lender before submitting your personal financial institution.

Employers. Many employers offer special loan programs for their employees. Check with your employer if you are eligible for such a program.

Friends and family members. Didn’t think about that, right. Duh!

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