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You can find loans for borrowers with bad credit through community banks, credit unions and online lenders. Predatory or misleading loans can be disguised as bad credit loans.
People with bad credit may be able to qualify for certain types of bad credit loans.
Lenders who offer loans for people with low credit may accept FICO scores as low as 560 or may not require a credit score at all. Every lender has different borrowing requirements and maximum loan ...
Key takeaways. Bad credit lenders may approve borrowers with credit scores in the upper 500s or lower. Loans for bad credit usually come with high annual percentage rates (APRs) and high costs.
A credit crunch (a credit squeeze, credit tightening or credit crisis) is a sudden reduction in the general availability of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates.
5 Best Hardship Loans for Bad Credit Many companies offer a variety of loans designed to help with short-term or long-term financial difficulties. Here is a breakdown of five of the best hardship ...
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Low-doc loans carry a higher interest rate and were theoretically available only to borrowers with excellent credit and additional income that may be hard to document (e.g. self-employment income). As of July 2010, no-doc loans were reportedly still being offered, but more selectively and with high down payment requirements (e.g., 40%). [4]
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