answersLogoWhite

0


Best Answer

It will be hard to get a loan when you have bad credit. However, if you already have a loan and have bad credit on other things such as credit cards, then keeping your payments current on your loan can help improve your bad credit over time.

User Avatar

Wiki User

โˆ™ 2011-07-14 19:25:39
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: Is it good to have a loan when you have bad credit?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can you get a home loan with bad credit but a good job?

It depends on how bad the credit and how good the job.


Where can you get a bad credit loan?

Yes, you can get Bad Credit Loan.


Get bad credit loan in Ontario?

Yes, you can get Bad Credit Loan.


Can you get loan with bad credit score for your business?

No, because you need good credit.


What bank you can go to get a bad credit loan you and your wife have bad credit?

Yes, you can get Bad Credit Loan.


How can you negotiate on your car loan with bad credit and no money?

If you have bad credit and no money you should not be looking at a loan. Get your life straightened out first. Cars are not required, good credit is.


Can a student get a student loan without a cosigner when they have bad credit and no job?

no you do have to have a cosigner with good credit in order to get a student loan.


Can you co sign a loan with bad credit?

Most likely the loan company won't accept it because to need a cosigner on a loan means that there is bad credit all ready. Two bad credit reports don't equal one good one. If you have bad credit it isn't a good idea anyway because you could end up with the loan and this will impact your credit report in a negative way.


If someone has bad credit can they get an auto loan?

You be able to get an auto loan if you have bad credit depending on the loan provider. Some loan agencies claim to fame is not checking your credit score. You may have to search many places and find a good loaner.


Can a spouse with good credit cosign a student loan for their spouse with bad credit?

That is decided by the LENDER.


Can you have a co signer with good credit co sign for a car loan if you have bad credit?

yes


Where can I find a bad credit home loan?

You can find a bad credit home loan at homecredit.com


If someone with great credit co signs for some with bad credit does it help the person with bad credit?

The person with bad credit pays back the loan that the good credit helped him with in good payment statis. Have payment met on time or a little early will help the person with bad credit. The person with good credit is very generous with his credit. If the bad credit person does not pay on time or falters the loan. the Good credit person will have a problem . Not the bad credit person. Helping someone get back on their feet is a good thing. Make sure that your Good credit is not in jepordy.


If you have bad credit and high debt and apply for an 80K loan with a cosigner with very good credit and high net worth will you get the loan?

That is determined by the lenders loan guidelines.


What makes loan companies hesitant to offer a loan to individuals with bad credit?

Loan companies are generally hesitant to offer loans to individuals with bad credit because people with bad credit usually make late payments if they make payments at all. If one wants a loan one should prove themselves with good credit.


Is it possible to get a loan with bad credit?

Some agencies will accept high risk people with bad credit to receive a loan. It is still possible to receive a loan despite having bad credit.


Where can someone get a debt consolidation loan if they have bad credit?

If you have bad credit, getting a debt consolidation loan from your bank or credit union might be difficult. Some people may not have good credit, but not quite poor credit. If you have no major debts but still have so so credit you might be eligible for a loan from your bank.


What is a good mortgage company to work with to get a home loan if I have bad credit?

You can try going through the FHA for a loan.


How can one get an unsecured loan with a bad credit?

According to the "Money" website, there are a comparison of unsecured loan with a bad credit. For example 'UK Credit', with a minimum loan of 1,000 British pound and a maximum loan of 5,000 British pound. The credit is considered a bad credit due to high interest rates, beware of the bad credit.


Will you have to pay more interest if you take out a loan for bad credit?

If a person has bad credit they are less likely to be approved for a loan and if they are approved their interest rates will likely be higher than someone with good credit. Banks consider people with bad credit high risk.


Can you have a loan with bad credit?

Sometimes.


Can a person with very good credit be affected by a person with bad credit on a car loan?

geeze don't be stupid


How does one receive bad credit for a bank loan?

One generally doesn't receive bad credit for getting a bank loan. A bank loan can be denied though, if one has bad credit. Bad credit can occur if one does not pay credit card bills on time.


Where can one find an equity loan for bad credit?

One can find an equity loan for bad credit in a wide variety of places. An equity loan for bad credit can be attained at a local bank or visiting sites such as Alpine Credit.


What are the downsides of a bad credit loan?

It depends on how desperately you need the loan. If you are desperate for the loan, then you should take the bad credit loan, as it may be your only option. However, if you can, it is better to slowly rebuild your credit.