If you have bad credit you may be under the impression that there are very few loans, if any, available for you to choose from. The truth is, anyone with bad credit can be eligible for numerous types of loan, especially if you are a homeowner. If you have poor credit you may be eligible for both secured, unsecured, payday, tenant, homeowner and other types of loans.
If you have a bad credit rating and are in need of a loan, you have several options. Different types of loans will be better than others, depending on your situation. The easiest loan to obtain if you have bad credit will be a secured loan also known as a homeowner or home equity loan if you own your own home.
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Why A Secured Loan?
These can be obtained if the borrower has some sort of collateral (something of value) to offer the lender. The collateral may be a home, car, land or any other item of value that the lender will accept as collateral against the money borrowed. A mortgage is probably the most common type of secured loan. Any type of loan that is secured will be advantageous to you whether you have bad credit or not in a number of ways.
Secured loans have lower interest rates, they're easier to obtain and many may have flexible payment periods. If you have particularly poor credit then a secured loan is your best option. The fact that you are willing to offer security to the lender in return for your borrowing inspires their confidence and boosts your chances of your application succeeding.
The Unsecured Loan Option
Unsecured loans, also known as tenant loans, of any type will be more difficult for a person with bad credit to obtain. These loans will come with slightly higher interest rates than the secured loans and many lenders may not approve your application if you have particularly bad credit. Of course, many people who have bad credit may find that unsecured loans are their only option because they do not have the collateral for a secured loan.
You can get an unsecured loan for bad credit you will just have to be prepared to pay a little more in interest rates.
Emergency Payday Loans
Another option is the payday loan, which is essentially and advance on your payday wage. This type of loan tends to be acquired in an emergency and it's usually needed fast. In general payday loans are taken up by those that have failed to get a loan via another route, simply cannot use another route or don't have a bank account or simply don't trust banks.
Payday loans do not require collateral, they're usually called upon in an emergency and consequently, there is a much higher interest rate than any other type of loan as there is more risk involved for the lender.
If you do have bad credit and you obtain a loan, whether it be secured, unsecured or payday the simple process of paying your loan installments back on time and in full will begin to improve your credit rating and as long as you maintain those payments you could switch your loan at a later date for a loan with a better interest rate based on your new improved credit rating.
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