Bad Debt Loans

If you have poor credit you may be able to obtain bad debt loans for many different purposes if you are able to meet several different criteria.

Secured Personal Loans

There are many different personal loans available to people with bad credit. The most common type of personal loan for people with bad debts is a secured loan. Secured loans make the lending process easier for the borrower and allow them to obtain higher amounts of money with much more flexible interest rates. These loans can be secured with assets such as property, vehicles, jewelry, savings bonds and other tangible assets. Because these loans are secured by people who already have credit problems, it is not usually a reasonable expectation for them to obtain this loan on signature only.

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Car Loans

Many car dealerships now cater to people with credit problems. The most common arrangement is a buy here, pay here deal. The buyer is allowed to purchase a vehicle by putting down a large portion of the purchase price, usually ¼ to 1/3 of the purchase price. After that, they will pay a significantly higher interest rate than they would if they were to obtain a conventional automobile loan. The advantage to this is that people who ordinarily would not be able to, can purchase a reliable vehicle that will fit into their budget.

Payday Loans

Payday loans have gotten a bad name because the companies that offer them often charge an exorbitant fee for the loan. The way they work is the customer writes a check for the loan amount plus the amount of the fee and post dates it for deposit at a later date. If the money is not in the account on the date that the check is deposited, then the fees get even higher and some people get themselves into the position that they cannot do without the extra money provided by the payday loans.

Bad Debt and Bankruptcy Loans

Bad debt and bankruptcy loans are loans made to help people with bad credit who want to avoid bankruptcy. The most common form of bad debt loan is the debt consolidation loan. Debt consolidation loans are generally used to consolidate all debts into one monthly payment that is significantly lower than the combined payments of all of the debts.

Terms of Bad Debt Loans

Most of the time, bad debt loans have very flexible terms for repayment. This means that the borrower can choose a quick payoff or they can choose to extend it as they would a mortgage payment. The thing to remember is that the longer the term of the loan, the more money the borrower will end up repaying in the long run. This is because the interest will accrue over a longer period of time. These loans also typically require a cosigner or some form of collateral to secure the loan. Securing the loan will generally work in the borrowers favor though because they should be able to obtain a lower interest rate by securing the loan.

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