Bad Credit Unsecured Personal Loans – Poor Credit Loans to Help with a Down Payment
Posted on | March 17, 2010 | No Comments
There are many opportunities to take out poor credit loans to help with a down payment. Many homebuyers and car buyers are looking for some extra cash to put as a down payment and one loan type they may want to consider is a bad credit unsecured personal loan. This loan type can allow you to borrow up to $15,000 at a decent interest rate.
If you need some extra money to make a down payment on a house you want to purchase or a new car then doing research on a bad credit unsecured personal loan might be a good idea. These loan types may be just what you need to get over the hump and make certain that you can meet the down payment requirements.
It is very important to understand that the interest rate that is assigned to a personal loan is a direct reflection of your credit score. If your credit score is lacking, with a score below 650, then you are going to find it very difficult to get a low interest rate on a personal loan in the present economic environment.
If you have decent credit then you will probably find an average interest rate for personal loans between 12% and 18%. While this may not seem like a very attractive interest rate it is also not nearly as high as some credit cards. For those of you with high interest rate credit cards you know that a rate under 18% can be decent.
Author: Alan Lake
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