Many people with less than stellar credit ratings often find that they are ineligible for most loans. Many things necessary in modern life require loans, such as purchasing a car, and not being able to acquire a loan when needed is a major burden.
There are loans available to people who don't have the best credit history. They are often referred to as bad credit loans. Several features of these loans are appealing to people who don't qualify for a traditional loan, not the least of which is their availability.
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Often bad credit loans have fewer hassles than traditional loans. People often have to jump through hoops to get approved for a normal loan and there is no guarantee of acceptance. The loans are much simpler and require less paperwork. Less documentation is another feature since many people applying for these loans have little to offer anyway. The loans are usually unsecured which makes sense as people with something to offer as collateral could likely get a traditional loan.
Often, there a few requirement to qualify for such loans. The two biggest requirements are that the person be at least 18 years old and be either a U.S. citizen or permanent resident. Other than that, there are usually no other requirements.
These loans are usually approved quickly and the person has their money a day or two or even sometimes a few hours after applying. This is an important feature for those in desperate need of cash to pay bills. Many of these loans are available online and don't even require you to visit a bank.
All of this sounds great, almost too good to be true. Most of you are thinking that there must be a catch. There is. In order to minimize the inherent risk associated with such unsecured loans given to people with bad credit, the lenders are forced to charge very high interest rates. Often these rates can be 30% or even higher. Certain jurisdictions have laws that regulate the amount of interest that lenders can charge, but the lenders easily circumvent this by operating in more lenient jurisdictions.
Thought these loans can fill an important niche and offer those with bad credit an alternative, they should only be used in emergencies. Even a small loan if not paid off quickly can balloon into a large debt, making one's financial situation even worse than it was before.
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