Please see information below on Bad Credit Loans.


Bad Credit Loans

If you need a loan but your credit rating is not good enough for the bank then there is another option, thanks to bad credit loans. Banks are making it more and more difficult for people to obtain credit which is why a there are more independent lenders offering alternative loans.

What is a Bad Credit Loan?

Bad credit loans are often called loans for bad credit and they are offered by a wide range of lenders. As the name suggests, they are aimed at people who cannot get a loan through the bank because of a poor credit history. Even if you have a poor credit history you can get a personal loan of up to $1000 or more.

What is the Difference Between Bad Credit and Payday Loans?

Bad credit loans sound very similar to payday loans. However, there are some main differences that apply to bad credit loans:

  • The loan length is more flexible with Bad Credit Loans
  • You could borrow more
  • There is a wider range of loan available
  • Your credit history decides your APR

What About my Credit History?

Unlike payday lenders, bad credit lenders do take your credit history into account and they use this to decide what APR (annual percentage rate) to offer you. Not surprisingly the worse your credit report, the higher the APR you are likely to receive.

Remember that the quoted APR on advertisements is usually a typical rate that is offered to a number of borrowers; the amount you are offered could be quite different. In general, APR on bad credit loans is lower than you will receive from a payday lender.

Where Can I Apply for Bad Credit Loans?

Bad credit loans are easily located on the internet. You could start by comparing some of the main companies on Which Way To Pay Ireland – this will give you an idea of the rates and fees that are involved. Alternatively you could search directly on a good internet search engine, though this could take longer.

There are some companies which act as a brokerage – they take your loan needs and search the market on your behalf. This is another easy way to find the right loan, though remember that brokers might charge a fee for their service making your loan more expensive.

What are the Advantages of Bad Credit Loans?

Bad credit loans are a great source of relief for those who have problems getting a loan. They provide an easier way to borrow money with flexible terms and higher borrowing amounts than payday loans. They are also very easy to apply for – the process usually only involves a short online application form.

What are the Disadvantages of Bad Credit Loans?

There are some people who disagree with bad credit loans, accusing the lenders of encouraging people who are already in debt to borrow more. Some even accuse them of drawing people into an endless debt cycle, borrowing more to cover their growing debts.

The interest rate on a bad credit loan is likely to be quite high but if you shop around and have some patience you can usually find a reasonable deal. However, the rate is always likely to be higher than a normal personal loan.

Before taking any form of loan it is a good idea to think about a few factors, including:

  • Why do I need to borrow?
  • Will I fall into further debt after this loan?
  • Can I afford to meet the loan repayments?
  • Is there an alternative way to raise money?


Please Note: is not authorised to give personal financial advice under the Republic of Ireland’s financial regulations.

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