I have gotten bad credit?
The words unsecured and low rate cannot usually be used to describe the same loan. Usually in giving an unsecured loan a lender is taking a greater risk with you and will therefore charge higher interest. This could be about 2-5% more per annum than a secured loan for the same amount.
Unsecured loans for people with bad credit will definitely have very bd interest rates as someone with bad credit and no security you would pose the biggest risk for the lender.
Unsecured loans, especially for people with poor credit are likely to be lower in value in the region of a few hundred dollars. This is another way that the banks can limit their risk, when lending only small amounts at this high risk level. If you need a bigger loan amount or a lower interest rate it will pay to shop around.
I may need a no credit check loan oneday, it can be useful to do the research now to find the best rates. It will be of your benefit to ask a finance advisoryour options.
