Having a bad day and the bills are not helping? Is your daughter suddenly sick with some bug or the car in need of major repair? And suddenly, you find that your credit score has plunged, and major creditors are refusing you help in your time of need? The good news is that it is alright. In reality, the credit score rating system, which attaches numerical values to how worthy a person is to give credit to, are not perfect.
Many people who may have but average incomes and modest personal property but are able to manage their finances well and pay dues on time are actually worthy of credit, but because credit score ratings are a mathematical affair, sometimes you simply don't pass through with the 700 and above score that qualifies for good credit loans. So what do you do if this strikes you?
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There's Still Hope
Unsecured bad credit loans are the life savers for many emergencies in many households, and when you time comes and you need a financial shoulder to lean on, rest assured that there is an option open for you and your bad credit. Essentially, unsecured bad credit loans in the most basic sense are what happen when you ask some money from a friend or your older sister. They do not get any assurance that you will pay them back the loan, especially because your friend or sister won't really bother to put your television set or oven toaster as collateral. With real-life lending institutions, this is still a viable option, and without any security through collaterals, a loan can be granted to a credit holder with a bad credit score.
What No Collateral Means
In most instances, loans are easily granted to people who place valuable personal property on collateral. This collateral functions as the security mechanism for the creditors, and when payment time comes and the debtor cannot produce the amount, the creditor can choose to press the payment through either legal action, or by wholly and finally claiming the item placed as collateral. In most instances, a house and other real estate is placed as collateral especially if the loans are on the high side.
In unsecured bad credit loans, however, there is no such guarantee for the creditor, and if the debtor is unable to produce money to pay for the debt, the creditor can only either press legal charges, or shoulder the burden himself.
The Flip Side
As the saying goes, you cannot have it all, and with unsecured bad credit loans, there is a flip side. Because the credit extended to you is, first of all, unsecured, and secondly, loaned to a person with a less than lovable credit score rating, the lender will try to compensate by raising the interest rates, which understandably is logical for the creditor's own financial well-being.
If you are looking for unsecured bad credit loans, try to see which lender offers the best interest rates. While these rates will be higher than usual, there are however many who offer this service throughout the country, and with careful and checking out the free quotes found in most websites, you can end up with a pretty good deal.
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