A lot of times you will find that you are facing an uphill battle when it comes to bad credit and getting a loan. A guaranteed bad credit personal loan may seem like something that is almost impossible. Even if you want one, where do you look for one to start with? Will you even get approved? There is one available for you and one that will help you and improve your credit all at once, you just have to look hard for it..
Sometimes it is not our fault for having poor credit and it was unavoidable. You must understand that there will be higher interest rates or additional fees when it comes to this type of loan. This can be dependent on many factors including just how bad your credit is, the absence or presence of collateral, your income and the amount of the loan you are looking for.
A Better Look At A Guaranteed Loan
First you must realize, the ones that are easiest to guarantee are those that are secured. This means that if you are able to offer collateral, you will have an easier time of this and finding a guaranteed personal loan, than if you do not have collateral.
This type of guaranteed bad credit loan would actually have some of the best and lowest interest rates attached to it. There is a little known fact that the more the amount, the more the interest rate. However if the amount of the loan is less than the collateral?s value, the interest rate should go down. For a secured loan you can borrow anywhere from five thousand to seventy-five thousand dollars and have five to twenty-five years to pay it off. The amount will depend on the collateral offered, but you can borrow up to 125% of the value.
A guaranteed bad credit personal loan that is unsecured may be a little harder to come by. However, they are available with a little more interest being charged. The amount can be anywhere from five hundred dollars to twenty-five thousand dollars. You will usually have six to ten years to pay off the loan as well. The terms of this loan, will usually depend on the amount as well. If you use this loan for a car or vacation, the time allotted will be less. However, it can be used for almost anything that you can imagine.
When it comes to getting a guaranteed bad credit loan, you have a few options as you can see. Each one offers it own set of unique pros and cons and it is up to you to weigh what you think are best. A guaranteedbad credit personal loan can be one that is used for almost any purpose. So once you decide if a secured or unsecured one is right for you, you should have no problem finding one to suit your needs.