Bad Credit Loan
Bad Credit Loan
Bad Credit Loan
Bad Credit Loan
  Home Page
  Personal Loans
  Loan Application
  Poor Credit Loans
  Bad Credit Car Loans
  Small Fast Loans
Bad Credit Home Loan
Home Loan Refinance
  Debt Consolidation
  Bad Credit Loans
 No Credit Check Loan
  Business Loan
  Mortgage Loans
  Credit Cards
  Military Loans New!
  Government Grants
  Christmas Loans
  How We Work
  Testimonials
  Financial Articles
  Privacy Policy
  Tell a Friend
  Recommended Sites
  Affiliate Program
  Contact Us / F.A.Q.
 
  .: Bad Credit Loans
  .: Mortgage Refinance
 

Getting High Risk Personal Loans With Bad Credit: 3 Online Loan Options to Consider


Click on our Advertisement
Bad Credit? No Problem! at AccessMyLoan.com

Having a poor credit history hardly works in favor of applicants who are hoping to secure a loan. The good news, however, is that no matter how bad that history is, there are attainable loan deals out there. Sometimes the best option available is a high risk personal loan, with bad credit forcing leaps of faith on both sides.

Low monthly repayment sums are the ideal arrangement for borrowers, but when bad credit is a feature in the loan agreement, then interest rates are going to be higher and pressure to meet repayments greater. Being offered such factors is par for the course, and securing online loans usually depends on it.

But while the pressure is high for borrowers, and the risk equally high for lenders, there are still personal loan options that are affordable. But what are the pros and cons of these various loans? We look at 3 such deals to find the answer.

1. Cash Advance (Payday) Loans

This option is probably the most common, mainly because it has the highest degree of approval. In fact, approval confidence is extremely high despite the fact the applicant is seeking a high risk personal loan with bad credit. But they are also the most expensive option.

Granted against an upcoming paycheck, this loan basically cashes that check in advance. As a result, the loan limit is very low (maximum $1,500). Securing online loan approval can take just a few minutes, and funds can be deposited into a bank account in as little as 2 hours. So, this is an ideal solution for financial emergencies.

The price of getting a high certainty of approval is a very high interest rate, with some lenders charging 30%. And with repayment terms as short as 14 days, the pressure to repay this personal loan can be very acute. In fact, a $1,500 loan could require a single repayment of $1,950 to clear it.

2. Person 2 Person (P2P) Loans

In complete contrast, this is one of the least common options, but one that is growing in popularity. The problem with getting high risk personal loans with bad credit, is convincing the lender. But a P2P loan makes that easier, while also negating the influence of bad credit scores over interest rates.

A P2P lending website connects individuals rather than applicants to lending institutions, and the required sum is shared by these people, thus lowering the risk for them. These individuals view the loan as an investment as they earn a small profit through interest. In terms of securing online loans, this is a plausible option.

The loans work thus. An applicant needs a personal loan of $3,000, and calculates a monthly repayment budget of $150. Three individuals invest $1,000 each, to be repaid over 3 years. With repayments of $150, each make a profit of $800.

3. Cosigner Loans

Of course, when it comes to larger loans, there can be a problem with both of the first two options. To get a large high risk personal loan with bad credit, of $10,000 to $25,000, a cosigner is needed. Because a cosigner guarantees the monthly repayments, the risk is effectively removed. So, a lender can lower the interest rate charged.

Often, securing online loans comes down to issues like income and affordability, but a qualifying cosigner makes almost every loan deal affordable. But to qualify, they must have an excellent credit history and have enough income to be able to make the monthly repayments on the personal loan, if necessary.


 Do You Have Bad Credit?
 Get Approved Today!
Bad Credit NO PROBLEM!
No Credit NO PROBLEM!
Bankruptcy NO PROBLEM!
Lowest Interest Rates
Largest Amounts Granted
Your Loan Approval is Absolutely Guaranteed!
Apply Now!

 
The Access My Loan 100% Satisfaction Guarantee:
"We are so confident that you will be satisfied with our services that we guarantee it, 100%. With our help, you will be able to get the loan you need right away. We will secure your loan for the amount you want regardless of your Credit Score or History. You have nothing to lose, Your Satisfaction is Absolutely Guaranteed! That is how confident we are in securing a loan for you."

We are positive you'll get approved. Apply NOW and get the money you need TODAY!

Need assistance? Click Here to contact our Customer Service Department
Copyright © All rights reserved - AccessMyLoan.com by eSmartCredit Network™