Top Myths About Bad Credit and Personal Loans

Common Myths About Bad Credit and Personal Loans

Negative marks on your credit report can limit your options for new credit. The good news is even with bad credit you can still obtain the personal loan needed to pay for unexpected expenses or to pay down other pressing debt.

Three myths about bad credit and personal loans:

1. You need a high credit score to qualify for a personal loan.

Some applicants think that their credit histories will severely impact their ability to obtain a personal loan. You may have late payments, a foreclosure or other negative marks that could be considered red flags among lenders. However, not all lenders will reject applicants due to poor credit scores alone.

2. You need collateral if you have bad credit.

Secured loans require collateral, which can be in the form of personal assets like a home or a car. Often, lenders will ask for collateral for certain loans because they are concerned the borrower will not be able to repay the full amount. Unsecured loans will generally have a faster application process and don’t require collateral.

3. Repayment terms could be difficult.

When researching options for personal loans, pay attention to the repayment terms and conditions. People with bad credit could be worried they will be unable to adhere to the repayment terms of their loans. It is a common misconception that you will have to pay back your loan all at once. Rather than pay in one lump sum, you could choose a lender that will let you pay back your loan in monthly payments. Consider applying for signature installment loans. These are not only unsecured loans requiring no collateral, but also feature repayment terms that are convenient because loan recipients know exactly how much to pay each month.

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Do you have a low credit score and are finding it hard to obtain a loan from your bank?

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