http://www.debts.org/index.php en info@debts.org Copyright 2008 2008-12-01T15:28:00+00:00 http://www.debts.org/11/index/bad_credit_loans/ http://www.debts.org/11/index/bad_credit_loans/#When:12:56:00Z Bad credit is bad news but it doesn’t have to be the end of the story so far as your borrowing is concerned. If you have a credit history that is somewhat tarnished the there are plenty of lenders who will give you credit. People with bad credit are usually required to repay the loan at higher interest and depending on how much you wish to borrow the lender may require the loan to be secured against your home. More... Bad credit mortgageHaving bad credit does not disqualify you from getting a mortgage. If you are willing to repay your mortgage at a higher than average level of interest, then there are plenty lenders to choose from and shopping around online will save you time and money.Mortgages after Foreclosure or BankruptcyDue to the significant impact of a foreclosure or bankruptcy on your credit credentials, lenders will tie in pretty stiff conditions to your mortgage. (Don’t miss our pages on bankruptcy and how to avoid foreclosure.)You will be eligible for a cheaper mortgage if you can wait four years after filing bankruptcy before applying for a home loan. For borrowers with a history of foreclosure, The Federal Housing Association (FHA) suggests you wait two years after foreclosure before you apply for a mortgage. Delaying a mortgage application for two years can see you obtain a mortgage with a deposit of just 3%.Some lenders will offer you a mortgage six months after a foreclosure or bankruptcy filing but this will come with certain conditions:a) Higher interest rate b) Up to 35% downpayment c) Prepayment penalties d) Poor terms e) Adjustable mortgage plans onlyFor a comprehensive list of loan providers, click here.Bad Credit Loans — Secured/UnsecuredLenders will dictate the terms of your loan depending on three aspects of your credentials:1) Your credit score 2) Salary 3) Amount you wish to borrow.Your credit score will vary according to the loan providers lending criteria. For more information on credit reports click here. Secured loans as the name suggests will only be offered on condition it is secured against something of value, which is usually your home. The bank where you have your checking account or mortgage may offer you a bad credit loan at more competitive rate, however do shop around online and visit our A-Z directory of loan providers.As someone with bad credit who wants an any purpose loan unsecured loan, you should expect to pay an interest rate as high as 25% APR. However, shop around as each lender will calculate your risk factor differently according to their own criteria.Make yourself at home in our Forum and find out what everyone else in America thinks about loans. There is also our up-to-date News section for all the latest on personal finance. If you need help finding a provider or would like to review a company, please don’t go without checking out our A-Z directory. Bad Credit Loans 2008-07-23T12:56:00+00:00