Bad Credit Unsecured Personal Loans – Bank Loans at Interest Rates Under 20% for Borrowers in July 2010
Posted on | July 21, 2010 | Comments Off
A bad credit unsecured loan will allow some borrowers the opportunity to gain access to money with interest rates below 20%. Many Americans have used bank loans to make big purchases or put a down payment on a large purchase over the last several years. It is important to remember that your credit score will greatly determine the interest rate on any amount of money you decide to borrow in the near future.
With this being the case it is always a wise decision to attempt to improve your credit score to the best of your ability. If you have missed bill payments in the recent past and you’ve seen your credit score drop that could be very hard to find a bank loan for under 20%. If your credit scores well below 580 that it will be nearly impossible to find attractive interest rates on loans.
The average interest rate for a personal loan at the present time is between 12% and 18%. It is important to note that this is the interest rate for borrowers who have a decent credit score and have not missed bill payments. With a very bad credit score you are going to see rates in the high end of this range and possibly even about 20%.
Author: Tiffany Mann
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