If you have a bad credit score, it can be difficult to find a personal loan that will work for you. This is a real problem. There are a lot of companies out there and not all of them would be good to work with. So, I am going to walk you through the best personal loan companies for people with bad credit.
Most companies that lend to people with bad credit do so under state regulations. Very few offer loans through a bank partner. That means that what you can borrow will depend on which state you live in. Your state will also impact the cost of the loans and the kinds of fees that can be charged.
In this part of the lending market, the amount you need to borrow can also have huge implications on the kind of loan you can get…and how much that loan would cost you. For instance, if you are looking for a small-dollar loan–say, something under 0–the APR can be 2, 3, or 4 times higher than for larger loans. That is a very different kind of loan than if you need a ,000 loan over 3 years. For short-term lending, pay close attention to the total interest paid and not just the APR.
Personal loans for people with bad credit can be very expensive. Why? Well, they have to compensate for people who default on their loans. The truth is that a vast majority of borrowers will not default and will pay off their loans, but the ones who do default can cost the company a lot of money. If the lender could predict who would have a hard time repaying and who wouldn’t, they could lower the price for everyone. But, that is much harder to do than it sounds.
People with bad credit are the most vulnerable to bad loans. Don’t ever take the first loan you apply for. Shop around! Every lender has a different criteria for deciding who to lend to. You can check up to 40 lenders at once at TheYukonProject. Pick a lender and apply. We will check your rates with other lenders and then bring you the best offers.
So, what are the best personal loans for people with bad credit? I’m going to tell you what to like about each one as well as what to look out for.
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