Frequently Asked Questions about Bad Credit Loans
What is a bad credit loan?
A bad credit loan is an unsecured loan made especially for people with bad credit or a low credit score. They differ slightly from your usual loan in the form of higher interest rates. Anyone applying for a bad credit loan can expect a very high interest rate to be attached to the loan.
How much can I borrow with a bad credit loan? How about the terms of the loan?
That depends on the lender. The lender will look into your current salary and your credit history and decide from there. It is also up to the lender to say what the terms of the loan will be. A lender may even ask you to pay part of your loan upfront, depending on your credit score.
Is there a standard time frame that I’m supposed to follow when if I get the loan?
While there is the usual deadline to follow, it is up to the lender to dictate the other terms such as the number of months you are given to completely pay up the loan.
Can anyone apply for a bad credit loan?
Anyone 18 years of age with a car or a real estate property can apply for a bad credit loan.
Can I get a car loan with a bad credit score?
Yes. There are bad credit auto loans for you to look into if you want to purchase a car but have a low credit score. The interest rate might be higher but a bad credit auto loan is your best option if you would like to buy a new car but have a bad credit score.
Why is there a very high interest rate in bad credit loans?
Lenders need assurance that you will pay your debt if you have a low credit score. To them, people with low credit scores are at a high risk of not keeping their end of the deal. As assurance, they add a higher interest rate. But some people present collateral to go with the loan to prove that they are serious about working towards a better credit score and paying the loan on time.
Prime Credit Experts can help you in getting a bad credit loan should you need one. The company can also help you dispute any negative listings on your credit report and aid you in managing your finances. . They will not just give you advice on the best loans you can get with a bad credit score but they will also help you improve your credit rating. They can also create a financial management plan that you can easily follow so you can handle your finances properly and with ease. With Prime Credit Experts, your credit repair needs are in good hands.
For more information on Bad Credit Loans call Prime Credit Experts today! 888-744-8129