Do you need to consolidate your debt, buy a new car, pay for your wedding, or go on a long overdue holiday, but have a poor credit history? Well, the opportunity is now available for you to be approved for a poor credit personal loan. There are many lenders available who will approve your application despite your poor credit.
The application process is simple and can be submitted online. When you fill out the easy application you will be asked to provide general information about yourself including employment status, where you reside and your banking information. Once approved you will then need to fax or email scanned photo identification, recent pay slips, current bank statements, and signed loan documents. Because of the multitude of existing poor credit personal loan lenders you can receive a selection of quotes to compare. Be sure to consider all the costs involved, and the interest fee charged which is called the annual percentage rate (APR).
You can apply for a secured or unsecured poor credit personal loan with competitive interest rates offered. Unsecured loans usually entail less documentation. Secured loans require you to provide collateral such as your home and using this equity normally means that you can borrow a greater amount of money. It is also helpful to note that a secured loan has a lower interest rate than an unsecured loan. You will be offered a poor credit personal loan amount, APR, and repayment conditions based on an secured or unsecured option, what you need the loan for, and your personal circumstances including your credit history.
Be sure never to borrow more than you can comfortably pay back and make payments when they are due. One late payment can lower your credit score even more; however making extra payments when possible will add points and boost your credit rating.