What is a Bad Credit Loan?

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Bad credit loans are a relief option for consumers whose low credit scores limit their borrowing options.

Put another way: A bad credit loan, which is really just another name for a personal loan,can bail you out of a financial emergency, even if your credit score (something under 650) is a lot lower than you or most banks would like.

So if you suddenly need money to buy or repair a car; make payments on a medical bill or consolidate credit card debt, but don’t have a high enough credit score to get a loan from one of the big banks, don’t give up. There is help available.

Bad credit loans are treated the same as personal loans. They are money you borrow and pay back in fixed monthly installments. The loan could come from a bank, but if you’re looking for an affordable interest rate and flexible qualifying requirements, the better choices probably would be:

• Credit unions. A great option. Maximum allowable interest rate is 18%.
• Family or friends. Easier to qualify and hopefully lower interest rates.
• Find a co-signer. Use someone else’s high credit score to get a lower interest rate.
• Tap home equity. Credit score not a factor. If you have equity, you can get a loan.
• Online or P2P. Huge market of lenders who can be very flexible with terms.

You could add more options like payroll advances, loans from retirement accounts or borrowing against life insurance to the list, but those are last-ditch choices best left untouched unless everything else fails. There are better alternatives to consolidate debt with bad credit.

Source: debt

Financial Capital Group, LLC is a lender that provides home and commercial finance solutions for business, professionals, individuals and families since 1999. Our love and care for others is directed as much within our walls as it is outside of them. Our desire is to work together to meet the needs of our customers.

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