If you’re looking for a way to pay down your debts, cover the cost of hospitalization or a car repair, a personal loan for bad credit can be your lifesaver.
Many lenders offer this quick source of cash. There’s always the possibility that you won’t run the risk of being trapped in the high interest rates of credit card cash advance. Then there’s the opportunity to pay back your personal loan in regular monthly installments. You can borrow a certain amount of cash and pay it back according to the terms of the loan. The rate is often based on your credit rating and capacity to pay.
Here, are some of the pros for those considering a personal loan.
You can roll your credit card bills into a personal loan to avoid missing your due dates. Aside from the fact that you only have 1 monthly payment to remember, you can also avoid other charges from multiple credit cards. With debt consolidation, you know exactly when your debt starts and ends. Once the loan term is over and you have paid it responsibly, then you can finally congratulate yourself for giving your debt a technical knockout!
Quick loan processing and approval
Personal loans are easy to apply for, compared with line of credits and mortgage. The lending company may give you a quick decision as to whether your application has been approved or denied, within 24 hours or up to several days.
Individuals who are caught up with due dates on bill payments and those who need cash to pay for emergency needs often opt for personal loans because of the quick-approval feature. Some people also get personal loans to pay for big personal expenses such as birthdays and weddings.
Lower Interest Rates
Personal loans are paid on installment basis so they typically have lower interest rates compared to credit cards. But, for people with bad credit, interest rates may still be high, unless they are backed by collateral.
How to get the best personal loan for bad credit
It is advisable to get a copy of your credit file before applying for a personal loan. You can request a copy from the credit reporting agencies such as Dun & Bradstreet and it will be emailed to you shortly.
If you have a bad credit rating, it is advisable to hire the services of a credit repair agency like Clean Credit. The credit repair company shall identify any inconsistency in the process that credit providers carried out that resulted to a negative credit listing on your credit report.
As a customer, the law protects your right to a clean credit report through legislations that require credit providers to follow a strict process; before they can enter payment default, overdue accounts and other negative listings. In doing so, they must also send you a written notice informing you of your default or other reasons for entering a negative credit listing on your report. If there are inconsistencies in the report, the best way to fix it is through a credit repair.
Clean Credit offers the most through credit repair process that guarantees success. Call us today!