With the housing market in turmoil, more job cuts everyday and people generally struggling financially, getting a loan with bad credit seems impossible! Actually that's not completely true. Have you seen the abundance of adverts on TV or in newspapers that make you believe getting a loan with bad credit is easy?
I actually decided to phone one of these telephone numbers to see what sort of offer i would receive. I have provided more details of my personal experience on the next page, which you can get access to at the bottom of this article. However, let's just say i was not impressed! It seems that many lenders seem to want to take advantage of people looking to borrow money by charging outrageous interest rates!
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I would never suggest you take out a loan with such a high APR. Yes the money may dig you out of your current financial hole, but you are simply adding another debt to your list of rising monthly bills. A few months down the line, you will realise that this new loan is just crippling you financially.
So are all lenders only going to offer loans for people with bad credit at really high interest rates?
Well actually no! There are many companies out there that will help you secure some form of finance at an affordable level. These companies realise that people with bad, poor or adverse credit still need to pay the bills. They realise you still need to keep a roof over your head and that you still need to eat!
You can expect the interest rates offered to be slightly higher than that of a standard loan, but that is expected because these lenders will view you as a higher risk. (Please note i said "slightly higher"!) That being said getting a loan with bad credit, should always make your financial circumstances better and not worse!
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