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Bank loans for bad credit

bank loans for bad credit

Significance

Banks consider individuals with credit scores below 620 to have poor or bad credit. Banks find out your credit score from at least one of three privately held credit reporting agencies. The credit reporting agencies are Equifax, TransUnion and Experian. Most banks offering to do business with individuals with bad credit are internet-based or local businesses that offer payday advances. Some payday advances are more like personal loans because they are renewable each payday until the borrower is able to pay in full. Of course, fees apply with each renewal.

Size

Most banks seem willing to offer unsecured personal loans of up to $1,500 to individuals with bad credit. Common offers are loans of $500 without a credit check deposited into your checking account in 24 to 48 hours. Secured loan amounts are a percentage of the value of the collateral.

Considerations

High risk lending banks may charge loan origination fees to applicants as well as high interest rates that may be three times the average interest rates or more. If a borrower cannot pay on the due date these banks may offer to delay payments with extension fees. The terms of the loan may include prepayment penalties; these are additional fees for paying off the balance early, so read the fine print. Lenders may also offer loan insurance for an additional fee. If you are considering this option, be sure you fully understand the costs and exclusions. If the banks fees and rates are tier-based, then a loan for $2,000 may have a significantly lower interest rate than a loan for $1,999, so be sure to ask.

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