New Bad Credit Personal Loans Reviews Journal Launched

April 23, 2012 - PRLog -- Statistics show in 2012 the number of people with bad credit has been growing by over 10% annually. That is not surprising considering the fact a lot of factors, aside from poor finance organizational skills, can now affect an individual's credit score, and the economy has been going downhill in the recent months.

Banks typically do not approve of people asking for a loan if their credit rating is bad. This can have significantly adverse effects on the life of an individual with poor credit score. Thus, special personal loans for bad credit services were set up, and they continue to grow.

"After going bankrupt because of some poor real estate deals, my credit score got dropped very low and no bank was willing to loan me any money when I needed some the most. I thought my life had come to an end but a payday loan service came to my rescue, which helped me pay my bills until I found a new job and got my life on track", says Ahmad, a software engineer residing in US who had been out of work and completely broke for quite a while.

It is for people like Ahmad these loan services have proven to be an absolute boon. A new website entitled personal loans for bad credit has come into the scene which reviews payday loan services on the basis of their interest rates, terms of time, effectiveness in communication, and so on. The website can be found at: http://personalloansforbadcredits.org. The website also offers information and practical tips on improving credit scores, how to interpret credit scores, and more.

"The harsh truth is, most payday loan services are eager to take advantage of financially illiterate people", says Layne, the founder of the journal, "the reason I say so is typically the interest rates they charge are ridiculously high. However, there still are a few selected services who are actually legitimate and intend to offer a genuine loan service with a reasonable interest, instead of trying to scam people. To educate people about unsecured loans and credit scores, we created this site."

Layne uses the nickname "TheFinanceGuy" on the online journal, which is a recently launched blog but has been growing widely thanks to word of mouth, he explained.