Do bad credit loans exist?

Asked by Jackie

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
they do, in small numbers, but the rates might be punitively unattractive.

the difficulty is that if you have already had a bad experience with credit, a new lender will consider your ability to repay when they judge your application and will most likely increase the cost - its a similar situation to boy-racer 18 year old novice driver compared to a careful older driver with full no claims.

its often called "risk-based pricing". | 01.04.11 @ 19:01
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$commenter.renderDisplayableName() — {comment} | 03.29.17 @ 13:12
You certainly can get a loan if you have a bad credit record but you need to carefully consider why you want the loan and how you got the bad credit score in the first place. The rates for bad credit loans are very high so it might be better to work on improving your credit score and waiting until it is good before taking out a loan - that will be cheaper in the long run. | 03.05.17 @ 09:55
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$commenter.renderDisplayableName() — {comment} | 03.29.17 @ 13:12
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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