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How should a debtor finance bad credit rating loans?

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Written on: 13.11.2009 [01:18]
Topic creator
Posts: 4
After enquiring about a personal loan I was quoted an offer which gives me the cash I need in exchange for a huge APR rate which would make repayments expensive and drawn out. Ever one to pose a daft question, how do companies expect the average-Joe-poor-credit-record to finance bad credit rating loans?
Written on: 16.11.2009 [06:49]
Posts: 5
Ah, catch 22. This is the problem: sadly, the lower your credit score, or credit rating, is, the more hoops you have to agree to jump through in order to get any kind of loan. And of course, the harder it is to meet these demands. And the easier it is to fall behind and damage your credit score... Can you recognise the pattern?! If the repayments already seem monstrous before you start, you either have a bad offer or should seriously reconsider borrowing the money... Have you considered all your other options?

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