speed dating in sfv - Consolidating loans for bad credit

by  |  08-Oct-2016 21:33

Whether it’s because you have a thin credit profile or a history of missed payments, a bad credit score will affect your interest rate and a bank’s perception of your ability to pay them back.

Your loan may also be capped at a lower amount to help the lender lessen its risk, and you may even have to offer more collateral to secure a loan.

For the purposes of this article, I focus on lenders who will make loans to customers with credit scores under 640.

This score is considered “average” by most lenders, but lending criteria tightens considerably below this mark.

As a temporary, emergency lifeline, a short-term loan is not in and of itself a terrible thing.

The trouble is, many people have difficulty paying back the balance in such a short time frame.

In theory, using Bad Credit should spur competition and work in your favor: If you receive several loan offers, you can choose the best of the bunch.

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