Bad credit and personal loans:
A bad credit score surely does make the lender think twice before giving away the personal loan to the borrower. But at the same time, it is not true that bad credit borrowers cannot get a loan at much reduced annual percentage rate. Especially with such heavy competition between the lenders, you have higher chances of getting a better loan offer. This, of course, will require you to meet some requirements. Those with a stable job and pretty high income will be able to get their hands on a low rate as well as a bigger loan amount. This might not be possible for those who have just got their job or have been unemployed for quite some time. If you have not had a stable job over the past few months or years, it is better to get a secured loan. I understand that many of you reading this might not have an asset to place as a collateral but always keep in mind that through the secured loans, you will be able to get a least interest rate.
Sub-prime loans at lower APR:
If you have a bad credit and cannot pledge a collateral, there is no way out other than to get an unsecured sub-prime loan. This will enable you to handle the financial problems but in order to get qualified for better offers, you would have to make negotiations with the lender. Trying to get down the annual percentage rate to as low as possible is most important. Make sure that you are searching for private lenders as well.
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