lakeesha Hennessy Williams answered
Loan companies that target people with poor credit rating generally have high rates of interest, and in general are quick to repossess or reclaim money or property.
This is because the company expects a high proportion of their clients to be unable to pay up.
Consequently they need to make more revenue (profitable returns) from the customers who are able to pay out.
Getting a $3000 loan if you have bad credit
The two ways to do this are through higher rates of interest or by legally repossessing goods or materials, as forcible extortion is not an option; they aren't loan sharks.
The two companies mentioned above have a history of quickly taking legal action against people who have missed payments. For this reason it is inadvisable to borrow money from companies who are willing to lend to those with a poor credit rating.
However, if you do need to borrow money, and have a poor credit rating then be sure not to borrow from loan sharks but from a reputable source. Doorstep lenders like Provident Personal Credit lend sums of up to £500, roughly $1000.
www.suite101.com/content/where-to-borrow-money-with-bad-cred was the source of this information, and provides some advice on where to borrow from when you have a poor credit rating. Taking out a 2nd mortgage is another method of borrowing money, though this is more usually used when larger sums are needed.
MoneySupermarket.com (www.moneysupermarket.com/loans/ ) is one website which automatically compares loans on the internet, and based on your credentials, gives you the best deal available.
However, moneysupermarket.com only compares deals in the UK!
This is because the company expects a high proportion of their clients to be unable to pay up.
Consequently they need to make more revenue (profitable returns) from the customers who are able to pay out.
Getting a $3000 loan if you have bad credit
The two ways to do this are through higher rates of interest or by legally repossessing goods or materials, as forcible extortion is not an option; they aren't loan sharks.
The two companies mentioned above have a history of quickly taking legal action against people who have missed payments. For this reason it is inadvisable to borrow money from companies who are willing to lend to those with a poor credit rating.
However, if you do need to borrow money, and have a poor credit rating then be sure not to borrow from loan sharks but from a reputable source. Doorstep lenders like Provident Personal Credit lend sums of up to £500, roughly $1000.
www.suite101.com/content/where-to-borrow-money-with-bad-cred was the source of this information, and provides some advice on where to borrow from when you have a poor credit rating. Taking out a 2nd mortgage is another method of borrowing money, though this is more usually used when larger sums are needed.
MoneySupermarket.com (www.moneysupermarket.com/loans/ ) is one website which automatically compares loans on the internet, and based on your credentials, gives you the best deal available.
However, moneysupermarket.com only compares deals in the UK!
