Personal Loans

How To Get Bad Credit Personal Signature Loans

February 25th, 2010

If you have bad credit but are looking to get unsecured bad credit personal signature loans then you may have a difficult time. These loans can be very hard to secure for one simple reason – they are very high risk loans for a bank or a credit union to underwrite and/or carry on their books. Because of this, bad credit signature loans are fairly uncommon unless they are done following the below guidelines:

First, if you want to get this type of loan go talk with your lender and banker before you apply and find out what you would need to do before the application process in order to increase your chances of success. Remember, bankers are not evil – they get paid if you get the loan, so in this case your interests are (and should be) alligned. » Read more: How To Get Bad Credit Personal Signature Loans

A Borrower’s Guide to Personal Loans

February 17th, 2010

Personal Loans are loans that are granted for personal use. Generally, Unsecured and Secured loans are based upon the borrower’s credit history, income, collateral and the ability to pay back the loan.

There are two types of Personal Loans:

  1. Secured Loans. A Secured Loan is backed by the borrower’s collateral. Collateral can be the borrower’s home, automobile, business and land. Secured Loans have a lower interest rate.
  2. Unsecured Loans. A Unsecured Loan does not require borrower’s collateral. Unsecured Loans have a higher interest rate and are generally quicker to process with less paperwork.

Lending Institutions who offer these loans are: Banks, Credit Unions and Reputable Online Lending Companies.

There are a few questions and thoughts that any borrower should consider with these loans. » Read more: A Borrower’s Guide to Personal Loans