Knowledge is power, so they say. Meaning, you cannot be effective in everything you do if you know nothing about it. Taking out a loan is not an exception. If your brain is confined to the knowledge that only people with good credit rating can take out a loan and so you sulk in the corner about you bad credit rating then it's time to upgrade your knowledge. Nowadays, personal loans for people with bad credit do exist and the more you know about this loan, the better.
Personal loans are unsecured loans that can be used by the borrower for any purpose. This means that the lender will never ask you about the purpose of your borrowing. Thus, you can use the money in anything; may it be something urgent and would need immediate attention like medications and car repair, something that can wait some time like home renovations and improvements or something that is not really that important like splurging in shopping and a luxurious vacation.
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Since these loans are unsecured, the lender will not ask you to make any of your current assets or properties as collateral to the loan. You need not worry about your car or your house at risk of repossession by the lender in case you need to default the loan. But since you have a bad credit rating, the lender will have to ask you for a co-signer - someone whose credit rating is good and whose job and source of income is stable. This co-signer will have to shoulder your financial obligations once you default on the loan.
With so many financial risks that the lender has to cover for bad credit loans guaranteed approval, it is then expected that they "get back" by charging very high interest rates. Not only will this protect the lender's money but will also ensure a return of investment. Therefore, if your purpose in taking the loan out falls in to the category of "can wait" or "not that important", you may want to rethink your decision in borrowing money for that purpose. It is highly recommended that you work on restoring your credit rating first. After which, you can then take out a loan, enjoying a regular interest rate.
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