Loans for People with Bad Credit Score
Are you eligible?
You may be worried that because you have a poor credit score it will be difficult to find loan companies that will be willing to lend to you. This is not always the case however, and with the knowledge of what kinds of loans are available to you, it is easy to find a loan agency willing to lend to people with poor or no credit rating. There are hundreds of companies that will provide loans for bad credit people.
Types of Loans available for bad credit people
Primarily, the best loans for bad credit people are typically short term loans. These loans are normally borrowed over a maximum of 28 days and tend to be capped at $1000. Because these short term loans are just that, small loans borrowed over a very short space of time, many companies will not actually take your credit score into account when assessing if you are eligible for a loan or not. Because of this, they are the best option of obtaining loans for bad credit people.
Loans for bad credit people are not as expensive as you might think
Typically, you may have been thinking that short term loan companies charge extortionate amounts for borrowing from them. However, this is where you are wrong, as most short term loan agencies in the United States charge around a 25% interest rate for short term loans. This means that on an $80 loan over 14 days, you will only have to pay back a total of $100 at the end. These types of loans are particularly useful if you have an unforeseen bill arrive just a couple of days short of payday. You can cover the bill while having the peace of mind that you will be able to pay back the loan once payday comes around. Overall, this shows that short term loans aren’t that bad of an option when deciding on loans for bad credit people.