Guaranteed Bad Credit Loans - Discover Why the APR is Far More Important Than the Interest Rate!


With the number of people with poor credit increasing on a daily basis, it appears more of us search for guaranteed bad credit loans everyday! Due to the extremely volatile economy, more people are falling into financial hardship than ever before. However, help is at hand as numerous sub-prime lenders can now offer loans to people with a poor credit rating.

You will find that different organizations have different terms and conditions when it comes to securing a loan. Guaranteed bad credit loans are in abundance, but i would urge you to take particular notice of one specific term - the Annual Percentage Rate (APR).

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It is reasonable to expect that due to your credit score that a loan will have additional interest charges and fees. But what many people seem to do is verify the initial interest rate without looking at the APR. Your loan's APR will actually calculate the cost of the loan throughout the entire term that it runs. If you find that the annual percentage rate and initial interest rate vary by a huge amount, then be very careful.

What many sub-prime lenders seem to do is offer a very attractive initial interest rate, only to later hike up your charges to astronomical levels once you have been approved! This is why it is so important to check the annual percentage rate. This will usually be higher than the actual interest charges, because it includes other possible fees associated with the loan. However, as i have mentioned if the difference is substantial, this can only mean that you will have to pay dearly for it somewhere further down the line.

The specific terms of your loan may include a great starting rate, which will increase annually. Or this may mean that you are unable to repay the loan early. So please always make sure when applying for guaranteed bad credit loans, that you are fully aware of all the conditions!


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