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How to Get Bad Credit Personal Loans

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In today's economy, getting bad credit personal loans can be very challenging. Part of the reason for the recession that began in 2007 is that home loans, in particularly, were granted too easily to many people who really didn't qualify for the loans. The flood of defaults was just part of the reason the economy feel into a significant recession. All that strongly affects people with bad credit who need personal loans. It's not impossible to get a bad credit personal loan, but it takes patience and a lot of research.

Assess Your Credit Situation

The first thing to do is to find out - don't guess - exactly where you stand financially. That means getting a free copy of your credit report that includes a credit score. That three-digit score plays a huge role in bad credit personal loans. Credit scores are based on a scale from 400 to 800. If your score is above 700, you are in good shape. If your score is about 580 or below, getting any kind of loan can be a formidable challenge. Scores in-between, where you are likely to fall, may be OK with some lenders and too great a risk to others.

Try a Bad Credit Personal Loan with Your Bank

Even if you aren't the kind of customer that the bank officers know by name, there is an advantage to dealing with an institution that already handles your money. Most bad credit personal loans have a cutoff between $15,000 and $25,000. It's important that you ask for only what you absolutely need, and that you can show a loan officer exactly what you will do with the money. Be prepared to fill out an application that includes proof of income or some kind of government benefits. You will also be asked to list your debts and income, so the loan officer can determine if you can handle the impact to your budget of another loan. You should expect the loan officer to ask for collateral first - equity in your home or in a vehicle. If that is not available, expect high interest rates if you are able to qualify for an unsecured personal loan.

Shop for Bad Credit Personal Loans Online

There are many web sites that take your loan application and send it to a variety of potential lenders, such as www.lendingtree.com. If the bank approves your loan, that helps the process greatly. Now you have an interest rate and terms locked up. Look for a couple of companies online who say they can offer you better terms. Be sure to check out the companies with the online Better Business Bureau and do a Google search on the company to make sure there aren't complaints being circulated that it is a sham business.

Choosing a Bad Credit Personal Loan

Remember that anyone who offers to get you great loan rates when you have bad credit is not a reliable and trustworthy company. Look carefully at all the conditions attached to any approved loan offers before you sign. Compare not only the interest rate but be sure you are familiar with penalties and any triggers that could cause the interest rate to increase are you analyze provides of bad credit personal loans. Check the length of the loan and the penalties if you are late even a single month. Pick the loan that offers the best rates and appears to contain few if any traps if you happen to stumble somewhere down the line on a payment.

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