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Personal Loans for People with Bad Credit (what to expect)

Many people take out personal loans to get them through rough financial patches. If your credit is poor then you need to be aware of what you'll be walking into when trying to get a personal loan.

Expect Higher Rates

No matter what type of personal loan you choose, with bad credit the interest rate will be high. There also seem to be more fees associated with bad credit personal loans which wind up costing you money. 

Expect to Provide Collateral

The majority of personal loans given to people with bad credit require collateral. You may be required to give proof of an upcoming paycheck or to give over the title to your vehicle to secure the loan. Homeownership may be a stipulation in some cases as well. 
If you don't have collateral, there are some lenders that will give unsecured personal loans, but they usually come with a lot of compromises like prepayment penalties or extremely high interest rates.

Be Thorough

Many companies prey on the fact that people seeking personal loans with bad credit do not have many options. Be weary of websites that seem too good to be true. You never want to give out personal information unless you know exactly what you are applying for. You may be in a critical financial situation but take time to look into who you're dealing with. It would be to your detriment to get stuck with unsavory terms because you acted too quickly or, worse, become a victim of identity theft.

Our Recommended Bad Credit Personal Loan Companies:

Our Recommended Personal Loan Companies:
(updated )

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