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Featured Article:
Are There Any Guaranteed Unsecured Personal Bad Credit Loans
Are There Any Guaranteed Unsecured Personal Bad Credit Loans?
People with bad credit are always looking for ways to get the loans necessary to pay bills or build their credit back up. Some are looking for guaranteed unsecured personal bad credit loans. But there's only one problem. These loans don't exist.
Needless to say, guaranteed unsecured personal bad credit loans are out.
A guaranteed loan would assure you that you will get the loan. You wouldn' have to worry about being turned down. Also, the interest rate will often be lower on a guaranteed loan.
The problem is that you do have to put something down as collateral. If you have no major assets, like a car (you can't put a home up for collateral unless you take out a second mortgage or a home equity line of credit), then it will be hard to get a guaranteed loan for a significant amount of money.
An unsecured loan has the opposite problem. When you have bad credit, it is not always possible to get an unsecured loan. And if you do happen to get an unsecured loan, you will pay an outrageously high interest rate.
But there is one advantage to an unsecured loan. Unsecured loans go on your credit report often. So, if you pay the balance faithfully every month, you can rebuild your credit faster. But there is something you need to think about with an unsecured loan.
If you only pay the minimum amount every month, you will face the problem of a high interest rate. And once the interest rate kicks in, you will find yourself owning a lot of money on your balance.
People with bad credit are always looking for ways to get the loans necessary to pay bills or build their credit back up. Some are looking for guaranteed unsecured personal bad credit loans. But there's only one problem. These loans don't exist.
Loans are Either Guaranteed or Unsecured But Not Both
The fact of the matter is that guaranteed unsecured personal bad credit loans would be great, except the lender will want to mitigate their risks. This means one of two things. Either you will have to guarantee the loan by securing it with collateral or you will have to pay a heavy interest rate on the loan.Needless to say, guaranteed unsecured personal bad credit loans are out.
Which Option is Better?
Since guaranteed unsecured personal bad credit loans do not exist, you should consider whether you want to get a secured loan or try for an unsecured loan. Both have their advantages and disadvantages.A guaranteed loan would assure you that you will get the loan. You wouldn' have to worry about being turned down. Also, the interest rate will often be lower on a guaranteed loan.
The problem is that you do have to put something down as collateral. If you have no major assets, like a car (you can't put a home up for collateral unless you take out a second mortgage or a home equity line of credit), then it will be hard to get a guaranteed loan for a significant amount of money.
An unsecured loan has the opposite problem. When you have bad credit, it is not always possible to get an unsecured loan. And if you do happen to get an unsecured loan, you will pay an outrageously high interest rate.
But there is one advantage to an unsecured loan. Unsecured loans go on your credit report often. So, if you pay the balance faithfully every month, you can rebuild your credit faster. But there is something you need to think about with an unsecured loan.
If you only pay the minimum amount every month, you will face the problem of a high interest rate. And once the interest rate kicks in, you will find yourself owning a lot of money on your balance.