Most people think that they need to get a bad credit loan and will do almost anything to get one. They will do research; they'll get all kinds of advice on how to get the best interest rate; they'll even find a lender willing to give them a bad credit loan, and these people may be making a big mistake. They may never had asked themselves if they really do need a bad credit loan.
What usually happens when people do go after a poor credit loan is that they spend a huge amount of time researching and looking for a lender. When they do find a lender who offers the "best rate" for a bad credit loan, they will still be charged a high interest rate compared to a lower rate if they had good credit.
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So how can you get a better interest rate for a bad credit loan?
The solution is take a very different approach to getting a better interest rate. To get the best rate on a bad credit loan is to not get one! The best way to get the best interest rate is to spend a couple of months fixing your bad credit. Once your credit is fixed than you can get a good credit loan with a much better interest rate.
Now some of you may respond to this with the following...
"I need it now! It's not really worth my time and energy to wait until I repair my credit."
You really need to look at how much you would save if you had good credit. Even if you are looking for a $12,000 loan, you'll still save a substantial amount of money compared to getting a bad credit loan.
"I have no clue how to go about repairing my credit and there is no way I can afford a credit repair agency."
You can easily find what you need to know by searching on the internet or investing in a good book that shows you what you need to do, step-by-step.
"Doing my own credit repair looks to difficult; I don't think I can do it right."
Fixing your credit it a lot easier than most people realize. All you really need is to know how to write a few letters. Your online research or the book that you got should show you what you need to write and to whom you should mail your letters.
"It will take too long to fix my credit."
This is the good news about fixing your credit. Most often you can make some really good improvement in your credit rating within a few months, in some instances, maybe in 30 days.
In closing, if you are thinking of getting a bad credit loan you can spend a lot of time researching and looking for a loan with the lowest rate, and you will still be paying hundreds to maybe even thousands of dollars more in interest.
Or, you can spend your valuable time fixing your credit rating and spending your money on fixing that credit as well as on your family needs.
The choice is yours.
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