Loans for bad credit
Loans for bad credit… All lenders are not created equal.Anyone who has ever used Lending Tree for a home loan or auto loan to get multiple offers from lenders can attest to this fact. One lender offers a rate of 5.75%, another 12.99%, one may give you 11%, and another may be out in left field with an offer like 21.99%!
As borrowers, this, of course, makes very little sense to us… but the “why” is not important.
Just remember that different lenders use different methods to determine what interest rates they will offer to prospective borrowers.
Bad credit loans are no different.
Just because you have less than stellar credit doesn’t mean you should settle for just any rate that is offered to you. Shop around!
Bad credit loan companies
As we all know, bad credit loans come in many forms… auto loans, home loans, home equity loans, and personal loans.
Borrower checklist:
- Use a lender who encourages a little “friendly” competition between banks
- Fill out one application and submit it to receive multiple offers from lenders
- Wait for your loan offers to start arriving within minutes
- Select the loan offer with the lowest rate
- Remember, different lenders use different methods to determine what interest rates they will offer you. Don’t accept the first offer until you see what other banks are going to offer you!
Bad credit auto loans: myAutoLoan - One application, up to 4 offers
Bad credit home loans:
Bad credit home equity loans:
Bad credit personal loans:
At this time, there are no personal loan lenders who offer a single application to get multiple loan offers (like Lending Tree). After sorting through more than a dozen bad credit personal loan lenders, I created a list of the Top 3 taking into account things such as maximum loan amount, interest rate, and instant approval availability.
Guaranteed bad credit personal loan
If you have poor credit or no credit history and need an unsecured personal loan, your first stop might be a lender who guarantees that your loan will be approved. This can save you the hassle of filling out several applications, only to find out that you have been turned down (especially if you have a recent bankruptcy on file). Abacus Credit & Loan offers guaranteed loans ranging from $500 to $200,000 (depending on your income).
