For someone with bad credit, it can be a very daunting thought and task to try getting a personal loan. The fact is, people often think that they have quite a few obstacles, but some of those things that you might be afraid of may not be as bad as you think. The fact is that the government doesn't really give too many restrictions on what people with bad credit are allowed to have in the form of a personal loan. Some of the minimum restrictions involve that you must be at least eighteen years old, as well as being a resident, and in the case of payday personal loans, you can expect that there will also be a very important restriction on how much money you happen to make per month, as well as the fact that you have an active checking account, due to the fact that you need to pay those back so quickly.
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First of all, you might want to know what exactly "bad credit" is. The FICO scores anything below 590 as being bad credit, but even between 619 and 580 are definitely poor scores. Also, if you already have a personal loan that you have taken out and it has an outstanding bill, then that will definitely cause problems later on. It might not seem like it matters if you go through some of the less detail-oriented lenders who are willing to give you bad credit personal loans that have no documentation attached, but the price for these loans is incredibly high and not worth the trouble in many cases.
For personal loans for bad credit, though, the response time does vary between lenders. In some cases, you might find yourself with the money there in an hour, whereas it might actually take you up to a few days before you will see the money in your account. Either way, these loans will be approved fairly quickly, even if the size of the loan you receive varies a great deal due to your credit history and income. The good news is that, just like other loans, consumers are protected by law from dealing with too many fees, and lenders are limited on their methods for collecting funds from you.
If you think that just by taking out a smaller amount that you'll be saving money in your fees, though, think again, because whether the loan is small or large, the fees will still cost the same. These particular loans wind up costing much more upfront because of the fact that they are smaller, but the cost is still very high for trying to file the loan. Even if the lender is only loaning out around 250 pounds, that loan will still cost as much to process as a loan of over 1,000 pounds. This is why the lenders who specifically lend to bad credit individuals will charge much higher interest rates than standard lenders, due to the fact that they need to make a profit somehow.
The best way to protect yourself when you look into a loan, though, is to make sure that you sit down and do the research. Always check into the companies that you are looking with, and make sure that when you see a loan contract, you read it over with a fine-toothed comb.
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