Monday, June 10, 2013

Bad Credit Lending in the Digital Age - Unsecured Personal Loans ...

Getting loans with poor credit rating is a long and often unsuccessful endeavor for most people. As individuals with low credit scores rarely have marketable assets to provide to lenders as collateral or are rarely homeowners with sufficient equity to qualify for a home equity line of credit, most are stuck with the only choice: unsecured personal loans. Historically, unsecured personal loans have been granted to individuals with prime credit ranking, as such loans had very relaxed requirements and required nothing but a signature and a good credit record to back it. Fortunately for borrowers with bad credit, competition among lenders had made it possible for them to qualify for unsecured personal loans. As more and more lenders develop loans to address the needs of growing sub-prime lending market, getting unsecured loans with bad credit is becoming easier. People with past credit problems are no longer left out and do not have to face embarrassing rejections from lenders.

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What Are Bad Credit Unsecured Loans?

Unsecured loans are very similar to all other loans, with one exception only: they have collateral requirement waived. There is no need to put a lien on your property to secure a loan anymore. While unsecured loans do not feature same benefits secured loans have, such as high loans amounts, extremely low interest rates, and more than affordable monthly payments, they have numerous benefits, especially for people with poor credit. While they rarely feature durations crossing 36 months and mostly have inflated interest rates, they offer suitable approval requirements for individuals with mediocre and poor credit. It does not mean, however, that lenders would finance everybody who applied. There are set borrower requirements in place to include steady employment, sufficient disposable income, stable financial standing, and some others. Yet, such loans are within easy reach of consumers with bad credit.

How Unsecured Loans Help Bad Credit Borrowers?

While many consider easy approval as a great benefit, it is not the only one unsecured personal loans offer. Unsecured personal loans help bad credit borrowers to re-establish their credit history by making timely payments on their loans, qualifying them for better terms and rates on subsequent loans. In addition, borrowers are free to decide where the loan proceeds should go, as lenders do not require reporting of spending. Money can go to cover virtually all expenses a borrower may have, from debt consolidation to furniture buying to vacationing.

Where Bad Credit Loans May Be Found?

Bad credit personal loans are no longer hard to find. Years ago, loan brokers were charging high fees to give bad credit borrowers an access to a network of lenders who would finance them. Information technology and growing lender competition had changed it all. Lenders are targeting borrowers directly, loan brokers no longer charge any fees, and all the information you may need is easily found on internet. Most websites, specializing in matching bad credit lenders and borrowers, have implemented convenient features to include short online applications, lender matching service, side-by-side offer comparison, loan calculators, and may more.

Moreover, there is no longer a need to visit lending office, as the entire process, from making initial application to identity and income verification is performed electronically. Lenders accept digital signatures on loan agreements, and may wire the loan proceeds to your bank account overnight.


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Source: http://chenley.blogspot.com/2013/06/bad-credit-lending-in-digital-age.html

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