If your credit rating has a low score, applying for a personal loan can be difficult. However, loans are available for individuals with poor credit ratings but there are a few things to consider before you apply:
'Bad' bad loan providers: be diligent in your research before you apply. Some bad loan lenders may be a pure scam with the objective of stealing your identity. Always ask for an FSA registration number from the potential lender and check to see if it is valid. FSA registered institutions have to comply with rigorous standards of financial services.
Compare bad loans and lending rates: comparing loans and rates puts you in a position to make an informed choice, which helps you pick a better deal. There aren't many bad credit loan comparison sites in the market so you will have to do a bit of research and draw up your own table of loans and rates to compare. Don't be alarmed with the high APR% as the repayments on bad credit loans tend be higher in general.
Offering security: avoid taking up bad credit loans which require security. A common form of this are secured home loans which take the equity in your home as security. This is risky business for you! Any asset offered as security is at risk and you should only consider such loans as a very last resort.
Know the agreement: before you sign up for bad credit loans, make absolute sure that you understand the terms and conditions. Some lenders include excessive charges on finance arrangement, late payments and early settlements. It is best to ask the lender or a legal expert to clarify any terms which you do not understand. Never agree to any terms which you do not understand or may find dubious.
Be prepared to pay on time: never take out a loan which you cannot repay. Paying your loan repayments on time avoids charges and improves your credit score. Remember, having a good credit score is the key to better financial offers from lenders in future.
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