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Get Unsecured Personal Loans Bad Credit History or Not

Is it possible to get an unsecured personal loan if you have bad credit? Will someone actually take a risk on you if your credit is bad? Will you be able to get the money you need even though you have a bad credit history? The answer to all of these is YES! You can get an unsecured personal loan with bad credit history. In fact there are some lenders that won't even look at your credit history. You have several options to get the money you need. You can get a basic loan from a money lending institution. You can get a payday loan. Both of these have different terms of service, but the payday loan does not report to the credit bureau which doesn't help repair your bad credit.

PAYDAY LOANS

Payday loans are great in a pinch. They are unsecured in the way that they don't require you to have collateral or anything up front to get them. They require you to be employed, have a checking account, and some require a bill or something to prove your address. Some have more requirements, but the vast majority simply require a checking account, and proof of employment. You go into the office and they will determine the loan amount you qualify for based on your income. You give them a check for the amount of the loan and they give you the cash. If you don't come in to pay the loan, they deposit the check and get their money that way. In this way they are "semi-secured" but they are technically an unsecured loan. They don't check your credit history and you get the money you need. They don't affect your credit one way or the other and they are only short term. Most payday loans will only loan you the money until your next payday within 30 days, but they are still excellent if you need the money now and can't wait until your payday.

LENDING COMPANIES

There are many lenders that specialize in unsecured personal loans with bad credit history. Many of them offer loans at a higher interest rate. They have a higher interest rate because they consider you a high risk. The high interest serves two purposes. First it deters applicants who are not serious about getting a loan, and it compensates the lender for taking a risk on you. Many lenders will not give you a large loan at first. It is recommended that you start off with a small loan, and once you pay it off, get a larger one. This established a line of credit with that particular company and they are more likely to lend you money when they see that you are good at paying on time without being late. They in turn report your payments to the credit bureau which improves your overall credit rating making it possible to get lower interest rates and qualifies you for other services. This option is great if you need a loan, or simply want to improve your credit score.

Don't be discouraged anymore! It is possible to get an unsecured personal loan with bad credit history.

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