Those with bad credit no longer have to forego loans. These days when bad credit is more the norm then a great credit rating banks and lenders are now offering a number of ways to obtain loans even if your credit scores are low.
One way to get a loan with bad credit is a secured loan. Secured loans are loans that require the person requesting the loan to make a deposit into a secured account in order to have collateral for the money loaned. Usually credit cards become available for those with lower credit ratings with this method. It works like this; the person wanting a credit card opens an account at a stated bank and deposits up to $500 in to the account. Then, minus a fee for the card, the bank issues a credit card with a credit limit matching the deposit made. The card is then used like a credit card however it is secured with the funds in the account. You cant take the funds out of the account because they are there incase you default on payment for the card.
A second way you can get a loan with bad credit is through higher interest rates. Banks and lenders can loan on high risk loans if they apply a higher interest rate. This ensures that the bank gets...
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