Loans for those with bad credit history

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Loans for those with bad credit history

Loans for those with bad credit history


Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.

Sometimes we invariably end up with a bad credit history and this is reflected with a bad credit score. With a bad credit history, it is not very easy to secure a loan or a mortgage. The only solution is to opt for a bad credit personal loan. If one has to apply for a bad credit personal loan, it is imperative that one does their homework and ensure that you get the personal loans at a good rate. Any effort that is put into this endeavor will be worthwhile, as even the smallest savings in the interest rates and the percentages could mean a substantial savings, till the end of the loan term.

The best way to do this would be to take on some of the risk of the loan by opting for a secured loan where you could offer some asset as a security against the loan, such as your home which would be a collateral security. When this is done, the lenders will have a little confidence in you, as they are now at less. In this scenario, you will be able to get a loan at better interest rates, than what would have been offered to you otherwise. However, it always helps to take the opinion of a financial advisor to ensure that there are no mistakes from your end and this is the safest option. This is a good way of eliminating all risks for the borrower.

You must ensure also, that the credit rating is accurate and there are no errors. There could be errors due to some outdated information and even some activity that might be unauthorized and you may not be aware of it. It is essential to get to the bottom of this by requesting for the credit report from annualcreditreport.com and ensure that there are no mistakes in the credit rating, and if there are any errors found, resolve them immediately and ensure that necessary corrections are made.

The online personal loans are the best way to go about things and one can do some serious shopping from the comfort of your home. Use the loan calculators online and calculate your monthly payments and other costs. This is a good way to find something that is within your budget.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Secured Credit Cards: September 2020 – Experts’ Choice

Top 5 Secured Credit Cards: September 2020 – Experts’ Choice

Posted: June 22, 2020

The COVID-19 pandemic has made significant changes not only in people’s lives and their financial standing but also in the entire financial sector of the U.S. We have collected the best secured card offers from our partners so that you can… Continue reading

Top 5 Soft Pull Credit Cards: September 2020 – Experts’ Choice

Top 5 Soft Pull Credit Cards: September 2020 – Experts’ Choice

Posted: June 3, 2020

When applying for a credit card, you definitely don’t want your credit score to go down. Here, you will find the best credit cards with a soft pull from our partners. An application for such cards won’t make changes to your credit history… Continue reading

Top 5 Store Credit Cards: September 2020 – Experts’ Choice

Top 5 Store Credit Cards: September 2020 – Experts’ Choice

Posted: May 30, 2020

We evaluated store credit cards offered by our partners to find the best store credit cards. They are often loaded with perks that will allow you to save on purchases at your favorite retailer. Plus, many store credit cards are available… Continue reading

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!