answersLogoWhite

0


Best Answer

In many cases, the interest rate for a poor credit loan is much higher than a loan you could get with a good credit score. Because of a low score, a business has to take a chance in giving someone a loan (for fear that they may not pay it back), which leads to the higher interest rate.

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What are the disadvantages of poor credit loans?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Where can you get a loan at with bad credit?

For people requiring loans when they have a poor credit rating then they may be able to get a poor credit loan from several companies advertising poor credit loans. Sites such as Tesco Bank and Norton Finance offer loans to people with poor credit.


Where can I apply for a poor credit personal loans?

Many online services can offer personal loans even if you have poor credit. Many local loan services also offer poor credit loans.


What reputable companies offer loans to people with poor credit?

eLoan Personal offers loans to people with bad credit and is fairly reputable. Also reputable is Citifinancial and they too offer loans to those with poor credit.


What companies offer personal loans for poor credit?

Churchwood Finance offer loans for those with a poor credit history, CCJs, arrears and debts. Norton Finance also offer loans to those with a bad credit history.


What are some loan providers that offer loans for consumers with poor credit?

Loan providers that offer loans for consumers with poor credit include the very popular Federal Auto Loan that supports people with bad credit. A consumer could also visit their bank for more poor credit loans


What are some adverse credit lenders?

Some adverse credit lenders are: "GE Money", "Precise Mortgage", "Amerisave", "Avex Funding", "Quicken loans", "Loans for poor credit", "Poor Credit Finance", to name a few.


Can I get an auto loan with poor credit history?

Many companies offer car loans to people with poor credit histories. In Canada for example, www.canadaautoloan.net offers car loans to car owners with bad credit or no credit.


Finding Auto Loans For Poor Credit?

Auto loans for poor credit are available, but finding them is a matter of dealing with a really professional loan broker who will explain the terms of the loan, and make it clear that the terms are not the same as those of traditional auto loans. Starting off by finding auto loans for poor credit online is worthwhile, only to get an idea of the available options. However, it is best to speak with a professional loan broker or with an auto dealer, and to be frank about your credit situation, in order to find auto loans for poor credit.


Which companies offer car loans to people with poor credit?

There are various companies that offer car loans to people with poor credit. Some of the companies that offer bad credit auto loans include Federal Auto Loan and BlueSky Auto Finance.


Where can I get personal loans, even if I have bad credit?

Many credit unions will provide personal loans to people with poor credit. Talk with your local credit union for more information.


Where can you find loans when your credit is poor?

Poor credit will not keep you from getting a loan. Some banks and credit unions offer higher interest rate loans for people with bad credit. Pawn shops and pay day loans are found in the yellow pages. Most of these loans have very very high interest rates and are not a good option.


Does Payday Loans Online offer loans to people with decent credit?

Payday loans on line offers loans to people with any type of credit. There are more people with poor credit who take advantage of payday loan services.