Bad Credit Loans Information Library

BAD CREDIT LOANS

What are Bad Credit Loans?

Bad credit loans are loans for people with a bad credit score. You can find lots of loans that fit into this category – making it a very flexible type of loan. There are bad credit auto loans, bad credit personal loans (for any use), bad credit loans for unemployed or self employed people...there are lots to choose from.

Use a bad credit loan for any purpose – whether you want to make home improvements or even go on vacation.

Who Can Apply?

The chances are that you will pass the application process with a bad credit loan. Most people can apply, even if they have a low credit score, are in existing debts or have simply been turned down by other banks or lenders.

Check the terms on the bad credit loans listed on Bad Credit Good Solutions – you can see what they require from you in order to apply. Generally the list will include:

• Minimum age 18 years
• Canadian citizen
• Permanent address in Canada
• Proof of ID

Other criteria varies according to state and the loan provider’s individual requirements. For instance, some will accept unemployed or self employed applicants while others will require that you earn a minimum amount each month.

Will I Undergo a Credit Check?

This depends on the lender. You may be subject to a credit check but this won’t necessarily stop you from getting the loan.

Some bad credit lenders use your credit score to decide how much they can lend to you or how much interest to charge. Don’t forget you are seen as a ‘higher risk’ borrower if your credit score is low – some lenders take extra precautions to reflect this.

Many bad credit lenders do not carry out credit checks, and will usually state this pretty clearly on their website.

What are the Benefits and Risks?

Bad credit loans offer people who would usually be rejected the chance to borrow money. Whatever your financial need you can usually find a bad credit loan to suit you.

Here are some of the main benefits:

• High acceptance rates
• Bad credit score is OK
• Online application
• Flexible terms / loan amounts
• Can borrow up to $2,500 or more
• Additional benefits including credit builder

Of course there are one or two things to be careful of. For instance, if you already have a low credit score then it may be risky to take on a new credit product. You could land in more debt and financial difficulty if you have problems paying back this loan – so make sure you consider whether you are really suitable before you make the application.

Consolidation Loans

Struggling with multiple debts? A loan consolidation could help you to clear up your finances for good...

What is a Consolidation Loan?

A consolidation loan helps you to deal with multiple debts. By consolidating all your existing loans and credit cards, you can manage your debt more easily and conveniently. Often you can make savings on interest payments and enjoy a lower monthly payment instead of juggling multiple obligations.

You can find consolidation loans here on Bad Credit Good Solutions – you can apply via our comparison page or simply weigh up the pros and cons of each one until you have chosen the ideal lender.

Who Can Apply for a Consolidation Loan?

If you are struggling to deal with multiple debts then a consolidation loan might be ideal for you. Consolidation loans are generally aimed at people who have at least $10,000 in debts across credit cards and loans.

Likely you will need to have the following criteria:

• Minimum age 18
• Multiple debts (at least 2 creditors)
• Minimum debts of $10,000 (depends on lender)
• Full Canadian resident / citizen
• Prove ID
• Prove debts

Many lenders have their own specific requirements so just use our comparison page to check what they need.

What are the Main Benefits?

With a consolidation loan you can achieve a better way to deal with your debts. Here are some of the main benefits:

• One lower monthly payment
• Possible reduced interest rates on credit cards
• Gather all your debts into one place

You could look forward to a debt-free future by