An upside to the present financial crisis is that those with bad credit are now more likely to be approved for a personal loan than they were a year or two ago and that's because there are now so many people that have got behind on payments or not paid the minimum on their cards for a few months.
Regardless of whether your credit rating has just started to deteriorate or has already been shot to pieces, the online banks will most likely be the ones to check out first because they're generally much smaller than the land-based ones and they need your business more.
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The online banks offer all kinds of personal loans and chances are that if you have a need they have a scheme. Another upside to personal loans is that you're not required to say what they're for and in most cases you can get one for either an expected or unexpected expense and often all that's required in order to get the ball rolling is to fill in an online application.
The first criterion is whether or not you want a secured or unsecured loan and even if you have collateral you'll need to think carefully about this. An unsecured loan will cost you more per month because of the interest but if you default on the loan the worst that's likely to happen is that your credit rating will dive even further. If you take out a secured the loan however but default on it then you'll most likely lose your real estate or your automobile or whatever you used as collateral. The amount that you need will also affect your choice because lenders will make much bigger secured loans than unsecured ones.
The amount of the available loan and the interest on it is mostly based on your income and when asked to provide it on a form it's better to state your net monthly income rather than just putting your salary. The length of the loan will mostly be determined by the amount that you want to borrow but you can figure about three to five years for an amount like $50,000.00
Some banks will lend to the unemployed but you'll either have to convince them that you're a pretty safe risk or put up some kind of collateral.
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