Personal Loan for Bad Credit Score is Not a Big Issue now

Jan. 23, 2012 - PRLog -- Personal loan for bad credit is a type of loan grant by lender to borrower without consulting his past credit history.

FEATURES AND REQUIREMENTS OF PERSONAL LOAN:
•   To avail personal loans, it is mandatory to have an age over 18.
•   Personal loans are easy to get by just filling an application form.
•   Interest rate of personal loans depends upon the type of loan.
•   Payment terms and conditions should be followed.
•   In case of secured personal loans, lender can recoup his money by selling the property guaranteed.
•   In some personal loans, co-signer is needed as a security.
•   Urgent needs can be fulfilled instantly without any delay.
•   Past credit ranking is not an issue for personal loans.
•   People with bad credit and good credit are having equal chance to get the personal loan.
•   Lenders need some personal documents and information for the assurance to repay.
•   One eminent feature is that a person can improve his past bad credit record.
•   Personal loan applications can be filled on internet as well, for ease of access.
•   Personal loans can be short term or long term in nature.

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Personal loans for bad credit are of many types:

•   SECURED PERSONAL LOANS:
Secure loans are a type of personal loan. At the time of secured loan agreement, a security or collateral is needed as a guarantee to repay the loan. Due to this security, interest rates are low as compared to other type of loans and term of repayment is longer.

•   UNSECURED PERSONAL LOANS:
•   
Another type of personal loan for bad credit is unsecured loan. The best feature of unsecured loan is that no valuable or asset is needed at the time of agreement between borrower and lender. A person with no assets or poor condition can apply for this loan. Interest rates are comparatively higher than the secured loans as lenders have no security to recoup the loan amount. Unsecured loans are generally short term in nature.

•   SIGNATURE LOANS:
•   
One of the popular types of personal loan is signature loan, which is unsecured in nature. No valuable possession, property, car, house or any asset is required. Just a signature of the borrower is enough to get this loan. In certain cases, some personal information is also needed by the lender.

•   STUDENT LOANS:
This type of personal loan is only meant for students and their parents, to meet the educational expenses. In student loan, past credit record is not mandatory and any student with monetary needs can apply for this loan, which is subsidized and unsubsidized in nature.

Usage of personal loans for bad credit:
•   Wedding loans
•   Home improvement loans
•   Military loans
•   Holiday  loans
•   Construction loans

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