Credit Repair Companies and the ECRA » personal loans for people with bad credit http://www.ecraonline.org/blog Credit Repair Companies & Credit Repair Services Consumer Watchdog Sun, 13 Nov 2011 16:11:16 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Personal Loans for People with Bad Credit http://www.ecraonline.org/blog/lending/personal-loans-people-bad-credit/ http://www.ecraonline.org/blog/lending/personal-loans-people-bad-credit/#comments Mon, 14 Sep 2009 16:04:58 +0000 admin http://www.ecraonline.org/blog/?p=105 There are many people out there who need money but have a poor credit history. What are the choices of personal loans for people with bad credit?

The truth is that their situation is bleak. They definitely will have offers, but most of them will have atrocious conditions and interest rates – which will render them unattainable.

The solution lies in avoiding the position where you have to apply for any type of loans. But when you absolutely need money you may adopt any of these two solutions:

1. Find a co-signee who is willing to improve your credit standing by his or her own
2. Offer collateral for the loan

Both these solutions lower the risk element of the lender, and therefore reduce the interest rates and other conditions for the loan.

A viable third option that can void the need for personal loans for people with bad credit, is taking a loan from close friends. This will usually be interest free, and often has very flexible repayment options.

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