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Find Loans For Bad Credit

Applying for a loan might be the first time you know anything about having a low credit score or problems with your credit history.

Lenders who provide loans for people with bad credit history typically do not fix interest rates but instead base them on your credit profile. If you are able to improve your credit profile before applying, then the cost of your loan could decrease and you will have a better chance of being accepted by more lenders. Checking that you are within your limits on all your existing forms of credit (e.g. your overdraft, other payday loans, credit card) is one way of doing this. Paying back more than the minimum on your credit card is another way.

Part of Experian Experian offers a 30 day trial which gives you access to both your credit report history and a credit score. Giving you a number and putting you in a category ranging from bad credit unsecured loan Very Poor to Excellent. They also offer identity protection which will notify you of any changes to your credit history. For example, if a new credit card is taken out in your name.

However, APRs at NetCredit range from 35% to a comically high 150% for those with the poorest credit; that’s loan shark territory, and unless you can pay off your loan very quickly, you should consider investigating secured loans or using a cosigner instead. If you want a more established company, also beware that this is a new lender that lacks BBB accreditation.

The biggest drawback with this kind of loan is that interest rates are normally very high relative to standard loans. As applicants for bad credit loans have usually had problems managing their finances previously, they therefore represent a much higher risk to lenders, and therefore the rates they are offered are much higher than they would be for someone with a good credit score.

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