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A borrower carries high risks, if there are many payment faults like late payments, defaults, etc. mentioned in his or her name. Such a borrower should make extra efforts to convince the lenders that the loan repayment will be in timely manner. Ensure that you take a convincing loan repayment plan to the lender. You must produce documents of your earnings and its source.
Get copies of your credit report. Ensure that it has no errors regarding the payments you made in the past. You should also know your FICO rating in order to know the rate of interest beforehand and to plan the loan.
Bad credit personal loans come in secured or unsecured options. The secured loan is of greater amount against a valued property of the borrower. Such a loan is comparatively easier to get as lenders have little risks. However, you shall have to make timely repayments or the lender will sell the property for recovering the loan. Interest rate on these loans is lower. The loan repayment duration ranges from five to 25 years. Refrain from larger repayment duration, or you may end-up making high interest payments.
The unsecured loan option is for both tenants and homeowners. These loans do not involve the borrowers' property, as collateral. The loan amount ranges depending on your repayment ability. You shall have to repay the loan for a short duration of up to 15 years or earlier. These are costly loans, as interest rate will go further higher.
Apply for the rate quotes of as many bad credit personal loans offers you can locate on internet. You should see the additional fee charges on these loans. Compare both the rates and the charges for finding a suitable deal. Ensure that you repay the loan on time for improving your rating.