Getting a Bad Credit Loan

Yes, you can get a loan with bad credit. In fact, assuming you're determined to turn things around for yourself and pay it back on time regularly it can be a very positive experience for your credit history and your credit score. While there are lenders that wouldn't ever considering loaning you a dime there are others, and many of them that specialize in doing so.

What some of these financial institutions don't take into consideration is that consumers who currently have bad credit may have, at one time, been good credit risks but have had bad things happen to them. They may have suffered an unexpected job loss, the death of a spouse or a serious illness. Those who offer a loan to those with bad credit understand that just because you now have bad credit doesn't rule out the possibility that, given the chance, you'll pay them back as required, and will be grateful for the chance to do so.

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We'd like to say that the lenders who say yes to giving a loan to someone with bad credit is the more altruistic firm or person who has a heart of gold. It's not that at all. It's that these forward thinking companies recognize the marketing advantage of offering loans to this ever-growing number of consumers.

The fact is that more and more people are spending their way to bad credit, more and more companies are downsizing and laying off and more and more employees are working for firms that don't offer medical and dental benefits. People get into debt and use their credit cards unwisely or live beyond their means because they have to. Generation X'ers, as many who've written about them say over and over again grew up in a world of dire nuclear predictions, attacks on their country and their way of life and they feel entitled to the good life and hold the theory that tomorrow just might not come as expected. These are the folks who end up with bad credit but still need a loan.

Some bad finance loans, in fact perhaps the majority, are used to better the credit situation. It may be that those who struggle to get out of debt realizing the wisdom of advancing their education to get a better paying job and a more satisfying and secure career. These people may not have the money to pay for the education. They face the catch 22 situation of needing a loan with bad credit to get themselves out of the ranks of those with bad credit.

With a secured loan request bad finance becomes nearly irrelevant. The loan, and the lender, is protected with the collateral offered by the borrower. The lender knows that, while the borrower may default, one way or another - through repossession or foreclosure or actual on-time payments - the lender will get her or his money.

That's not to suggest that getting a loan with bad credit should be considered commonplace and your bad finance just isn't an issue. It is. It may be that you'll be turned down everywhere. It may be that your collateral is not valued highly enough for the loan, or it's already been used as collateral on a prior debt. Even if you secure that loan with bad credit, you'll pay a higher rate of interest. There's no getting around it, getting a loan with bad credit can, unless you are using it for a refinance on your home at a lower rate of interest or a debt consolidation, can seem like throwing good money after bad.

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