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There are a number of reasons for bad credit. Each can have a different bearing on the loans you’re eligible for and the interest rate you’ll receive. Here are five of the most common reasons people end up with bad credit:
Even if you’ve suffered one or more of these setbacks, there may still be loan options available. But first, let’s discuss one very important point.
You have to remember that there are many gears and cogs in the machine that builds your credit report. The machine includes many of the companies you’ve used funneling all kinds of numbers over to the reporting agencies. Mistakes are going to happen.
That’s why it’s important to check your credit report from time to time and make sure one of their mistakes isn’t dragging down your score.
If you spot an error, you should contact the appropriate people and try to get it off your report. Remember, the higher your credit score, the lower the interest rate will likely be on future loans you take out. So it’s worth your time to make sure you have as few errors on your report as possible.
Some of the lenders we work with have the resources necessary to offer personal loans to those with poor credit. When you fill out our loan request form, we try to match you with one of these lenders. That means you could qualify for up to a $35,000 loan even if you have a low credit score.
Before you request a loan, though, you should consider the gravity of your situation. Here are a few points that are worth thinking about:
Head over to our Personal Loans page for information about APR, loan period, sample interest rates, and visit our How It Works page for descriptions of different types of loans, including Peer to Peer (P2P), personal installment, and bank personal loans.
Obtaining an installment loan for bad credit is as simple as finding a lender ready to make it happen. There are plenty of them out there. Just make sure you work with one of the reputable ones.
We can help you start the process, but no matter how you end up securing the loan, just make sure you pay it back on time. That way the next time you need to take out a big loan, maybe you’ll be searching for loans for people with good credit.