Bad Credit Personal Loans Offer Lifeline to Graduates Weighted Down with College Debt

Limiting effects of student loan debt are explored in a new report by the Consumer Financial Protection Bureau. This shows the importance of bad credit personal loans to people with bad credit, says comparison site
MONTGOMERY, Ala. - May 29, 2013 - PRLog -- The Consumer Financial Protection Bureau has published a new report linking the prohibitively high cost of student debt to the inability of many young consumers to purchase new homes and cars. The CFPB report points out that private loans amount to $150 billion of all college debt. These are loans provided by banks and other traditional financial institutions and have the effect of stopping many from buying homes.

U.S. Census data reveals that nearly 6 million Americans ages 25 to 34 still live with their parents in 2011, with this group representing a mere 27% of all home buyers in 2011, the lowest proportion in the past decade, according to the National Association of Realtors.

With credit scores taking a major hit during college attendance due to high borrowing and unsteady employment in low wage positions, many graduates begin their foray into the world of post-education already priced out of preferential finance rates, competitive mortgages and better rates for borrowing. Ironically, those individuals in the greatest need for affordable bad credit personal loans may be shunned by the very lenders that were so keen to offer them abundant borrowing options as students., the leading consumer finance website and personal loan comparison specialist, sees its role as a site offering fast and free introduction to reputable online lenders specializing in bad credit loans as instrumental to those with bad credit and heavy student debts.

The site is partnered with a high number of lenders that specialize in affordable and competitive loans for bad credit regardless of an individual’s level of pre-existing debt or their credit score. These loans can be used for any purpose and may help young consumers to get onto the property ladder with a mortgage or buy a car; two essential post-college purchases.

Sam Malka, a spokesperson for the site, responded to the CFPB study in the following statement.

“Student debt has long been the proverbial albatross around the neck of young Americans with ambition. The double-edged sword of gaining an education with being hampered by debt that can take decades to pay down is a hard reality for most graduates in employment. It becomes more than a nuisance when the effects of large student debt translate into low credit scores and close them off from the right-of-passage opportunities that young people should have, such as their first home or car.”

The statement continued,  “We are pleased to be able to offer a more forgiving approach to finance when bad credit is a factor and can introduce working consumers from all credit backgrounds to a range of reputable and reliable lenders for their personal loan needs after college.”

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