Taking out a loan in spite of a bad credit history?

03 April 2013 - James Larkin

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Taking out a loan in spite of a bad credit history?


People who have been turned down by their bank still can apply for a bad credit loan. Bad credit loans are designed for people who have do not have a very good credit history. They are more flexible than other loans, but don't have to be repaid as quickly as payday loans.


The amount for a bad credit loan usually is about as high as your next month’s salary, and one will have up to 36 months to pay the money back.


What are the advantages of a bad credit loan?

A bad credit loan is not only more flexible in terms and loan amounts, it also is very easy to apply for, and it is possible to be accepted even if one has been turned away by one's bank.


Are there any disadvantages?

For the lender a bad credit loan is a higher risk and therefore interest rates will usually be quite high. And of course there is a higher risk for oneself if one decides to take out another loan in spite of having a bad credit score already. This can easily lead to serious debts.


How does one apply for a bad credit loan?

If you are at least 18 years old and have a regular income, you can be accepted for a bad credit loan. Application is very simple and easy. We recommend you have a look and compare different bad credit loans here – then just click”apply”.

 

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