Bad Credit Unsecured Personal Loan – First Time Home Buyers Look for Large Down Payments on a New Home
Posted on | April 29, 2010 | Comments Off
There are many first time home buyers flooding the market and many of these first time home buyers are looking to put down a large down payment so they can avoid PMI. One of the easiest ways to get extra money for a down payment is by borrowing the money. One loan type that will often allow you to borrow a significant amount of money is a bad credit unsecured personal loan.
This loan type will often allow you to borrow up to $15,000 if you have a decent income. It is very important to understand that the amount of money you can borrow will be greatly determined by your credit score. If you find that you have a credit score that is well below 720 then you are going to see higher interest rates on your personal loan.
At the present time we are seeing average interest rates around 12% to 18% on personal loans. Please understand that these are rates for borrowers with a decent credit score. If you are looking to borrow money to use as a big down payment on your first home then you may want to consider a personal loan.
Author: Mike Garner