Bad Credit Lenders
Examine Bad Credit Lenders
Whether you need to start all over with a secured, or pre-paid, credit card, or you need some type of loan, there are bad credit lenders that are in the business of making high-risk loans. They are not all the same, however, so do your homework. The most convenient approach is to go online and browse the Web sites of bad credit lenders at your leisure.
If you have had a bankruptcy, or just have a very bad credit history with the credit bureaus, bad credit lenders naturally assume that there is a touch of desperation to any request for a loan. Resist the urge to take out a loan from the first business that offers. Go to several companies, so you have a basis for comparison about interest rates and fees.
Get a Co-Signer
Expect the rates to be high, much higher than the rates paid by those with good credit. Making comparisons among the companies can at least lead you to the best deal for loans for people with bad credit. Such an educated approach will also allow you to avoid the businesses that will charge exorbitant rates and fees.
If at all possible, sidestep this process altogether by having a trusted friend or family member co-sign with you. Their good credit standing will enable you to get better rates. Just be aware, however, that any misstep on your part will also be recorded on their credit history, so be sure you can keep up a spotless payment history before asking for such a commitment from friends or family.
