Bad credit loans are specially designed for people who are having problems with their credit history. Bad credit loans help in meeting the financial needs of borrowers who have a poor credit history. Most lenders do not provide loan facilities to people who have a poor credit rating. But nowadays many firms are offering bad credit loans for almost any purpose like a bad credit car loan, bad credit personal loans, bad credit home loans,s and many more. However, most lenders will charge higher interest rates for bad credit loans because of the inherent risks involved in lending to people with bad credit.
How bad is credit:-
A person with a bad credit history is considered if he has taken a loan earlier and finds it difficult to repay on time, thus entitled to a bad credit score. A credit score is a rating that represents a person's financial indebtedness. A credit score of 720 and above is considered a good credit score, while a credit score of 600 or less is considered a bad credit score.
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