Even With A Low Credit Score, Loan Can Still Be Yours

Bad credit got you down? Is your low credit score causing you to be denied credit? Can't get a mortgage loan? If you are applying, and getting turned down, for loans because of your low credit score, you may need to look into a low credit score loan.

What kind of loan can you get with a low credit score? There are several different kinds. The easiest, by far, is a payday advance. With a payday advance, your credit score is not even consulted. All the payday lender is concerned about is your source of income and your identity. Once they have verified employment for six months or more, and ensure that you are who you say you are, a payday advance of up to $1000 can be quickly deposited into your checking or savings account.

The term of the payday advance is extremely short, so this is only a temporary solution. Typically an advance must be repaid within two weeks to 30 days. Also, fees on this type of low credit score unsecured loans can be steep, ranging from 10% to 30%. However, if your need is only for a short time, a payday advance may be just the thing.

Another type of loan you can get with a low credit score is a personal secured loan. A secured loan is a loan in which you have signed over an asset as collateral. Whether it is your home, your car, or even cash, you are giving the creditor confidence that no matter what happens, they will get their money back.

The benefit of a secured personal loan is that typically you will pay lower interest rates than you would on unsecured loans. Also, the term I personal secured loan is much longer than a payday advance.

Whichever type of loan you seek, you should shop around online to make sure that you are being offered the lowest possible rates and the best terms. Get several quotes before making your decision.

If you're in a financial situation where your bad credit is affecting your ability to get a new loan, a payday advance or secured personal loan could be right for you. These days, even landlords and insurance companies are checking your credit. If you need money temporarily, even with a low credit score, loan can still be yours.
www.unsecuredloansonline.org.uk