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Personal loans can make the impossible possible, even if your credit is not excellent. There are many resources to use for personal loans, including banks, credit unions, pawn shops, cash advance stores and online lender websites.

Having good credit is a boon to anyone who wants to obtain an unsecured personal loan and still get a low interest rate. If their credit history is not stellar, personal loans can still be found if a person knows where to look for them. Banks, credit unions or savings and loan institutions are the first lenders to come to mind. That is their main business and how they make money.

Lower interest rates are available from these financial institutions because they have to adhere to government regulations when making loans. Personal loans run about 9 to 10 percent interest from a bank or credit union. These lenders want to lend money to low risk borrowers who most likely will repay the loans on time and not default.

Persons with low credit scores can also locate personal loans. Most will have a higher interest rate. Even those people who have bad or no credit can still get personal loans from thousands of payday loan stores and websites. All that is necessary is to have a job for that type of loan. A bank account is helpful but not always required. There is no credit check for many bad-poor-no credit loans because no one is extending credit. The loan is just a loan, like you might get from friends or family, but it comes with higher interest.

Higher interest for personal loans to people with poor credit is no joke. The annual APR rate can be about 400% or much higher. Those loans are taken out daily by millions of people because the loan period is only about two weeks. This makes the interest fee only about $15 to $25 per $100 borrowed.

Pawn shops are another resource for personal loans. It is necessary here to leave behind something of value for collateral. It is easier than ever today for anyone to obtain a personal loan. Those easy personal loans can make the impossible possible.

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11y ago

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