lakeesha Hennessy Williams answered
Yes, there are lenders out there who will lend money to people who have bad credit and low credit score, but they do come with a very high interest rate.
You may end up paying back a lot more than you originally borrowed.
Getting a loan with a bad credit rating
Another drawback is that they are only short-term loans that have to be paid back perhaps quicker than you would like which could pose a problem to you.
It also depends what you need the money for and how much you want to borrow as the amount that you can borrow will vary from lender to lender so it is important that you find one that will lend you the amount you want.
There are Bad Credit Personal Loans available that can be secured or unsecured. A secured loan will need some form of collateral up front against the amount you want to borrow as a kind of insurance but it will have a low interest rate.
With an unsecured loan you will have no need to put anything up as collateral but the interest rate of the loan will be considerably higher.
If you need the money to purchase a new car there are Bad Credit Car Loans available. Again these can be secured or unsecured but you do not need to put any collateral as the loan is taken out against the car. So should you miss any repayments you will be in danger of losing your car.
How can I get a loan with a low credit score?
Payday Loans are easy to find online but are only for short-term use and are to tide you over until your next payday should you find yourself short, for whatever reason. All you have to do is to prove that you are employed and have a regular income coming in every month and be at least 18 years of age or older.
If you only need a short-term loan there are lenders online who will lend you the money you need without a credit search being done.
If you are really desperate and as a last resort only there are private money lenders out there but should be avoided at all costs as they charge really high interest rates.
You may end up paying back a lot more than you originally borrowed.
Getting a loan with a bad credit rating
Another drawback is that they are only short-term loans that have to be paid back perhaps quicker than you would like which could pose a problem to you.
It also depends what you need the money for and how much you want to borrow as the amount that you can borrow will vary from lender to lender so it is important that you find one that will lend you the amount you want.
There are Bad Credit Personal Loans available that can be secured or unsecured. A secured loan will need some form of collateral up front against the amount you want to borrow as a kind of insurance but it will have a low interest rate.
With an unsecured loan you will have no need to put anything up as collateral but the interest rate of the loan will be considerably higher.
If you need the money to purchase a new car there are Bad Credit Car Loans available. Again these can be secured or unsecured but you do not need to put any collateral as the loan is taken out against the car. So should you miss any repayments you will be in danger of losing your car.
How can I get a loan with a low credit score?
Payday Loans are easy to find online but are only for short-term use and are to tide you over until your next payday should you find yourself short, for whatever reason. All you have to do is to prove that you are employed and have a regular income coming in every month and be at least 18 years of age or older.
If you only need a short-term loan there are lenders online who will lend you the money you need without a credit search being done.
If you are really desperate and as a last resort only there are private money lenders out there but should be avoided at all costs as they charge really high interest rates.
