Sunday, 2 August 2009

Desperate For an Unsecured Personal Loan - Poor Credit Doesn't Have to Hold You Back From Borrowing

Having a poor credit rating will usually mean that you have either missed numerous payments to your creditors or are in arrears. You may have judgements or defaults registered against you or have even been declared bankrupt. However, there still comes a time when you may need the help of a small cash injection. But can you get an Unsecured Personal Loan With Poor Credit?

The reason you are probably looking for an unsecured loan is because you don't wish to put your home up as security. You have made mistakes in the past with your creditors, but there is no way you can afford to lose your home!

There are unsecured personal loans available for those of you with poor credit. You can pretty much borrow money for whatever reason. Whether you need to purchase a new car, consolidate all your debts, for further education or even a holiday. You should be aware though, because of your "tainted" credit history, you can expect to be charged a higher interest rate.

Many lenders can offer poor credit unsecured personal loans. You can usually borrow between $500 - $25,000 and expect to repay your debt from 6 months up to 7 years.

When you are looking to get a loan, rather than looking at how much you wish to borrow, consider what you can actually afford on a month to month basis. The last thing you want to do is be given a second chance by a lender and then default on the loan again.

The great thing about this type loan when you have bad credit is, as long as make your payments on time, you are actually repairing your credit. You will find eventually that your credit score will improve as time goes by and you will have many more lenders willing to lend you money in the future.

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