Difference between revisions of "Borrow Money With Bad Credit"

If you've had financial problems in the past and need to borrow money, your options may be quite limited. If you have bad credit, any ordinary bank loans you apply for will only be available at a very high interest rate. If your credit is extremely poor, you may not be eligible for a traditional bank loan at all. Fortunately, there are still several options which may be open to you, even though some of these can carry considerable risk, such as requiring you to put up your personal assets as collateral. Before considering any of the following borrowing options, consider what led to your having bad credit and whether your situation has changed such that you now have a greater capacity to pay a loan back. You certainly don't want to do anything that would further compromise your financial situation and credit. You can obtain free counseling by going to [http://www.credit.org credit.org] to help you understand your options and determine the best way to go forward—taking on a new debt may or may not be it.

If you've had financial problems in the past and need to borrow money, your options may be quite limited. If you have bad credit, any ordinary bank loans you apply for will only be available at a very high interest rate. If your credit is extremely poor, you may not be eligible for a traditional bank loan at all. Fortunately, there are still several options which may be open to you, even though some of these can carry considerable risk, such as requiring you to put up your personal assets as collateral. Before considering any of the following borrowing options, consider what led to your having bad credit and whether your situation has changed such that you now have a greater capacity to pay a loan back. You certainly don't want to do anything that would further compromise your financial situation and credit. You can obtain free counseling by going to [http://www.credit.org credit.org] to help you understand your options and determine the best way to go forward—taking on a new debt may or may not be it.

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