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Is It Really Possible to Get an Unsecured Personal Loan with Bad Credit?
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By Mary Wise

You may wonder whether it is possible to get approved for an unsecured personal loan with bad credit. Unfortunately, the answer is more complicated than a mere Yes or No.

Unsecured Personal Loans

Unsecured personal loans carry no collateral which means they are not guaranteed by any tangible asset. The risk involved for the lender is a lot higher than with secured loans and that is the main reason why unsecured loans carry higher interest rates.

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Given that the lender has no material guarantee whatsoever that you will repay the loan, your credit score and history will become his main concern. Your current ability to repay the loan and your past credit behavior will give the lender an idea of what the chances are that you will fail to meet your monthly payments.

All the above will determine the interest rate you will have to pay for the loan, the loan amount you

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This entry was posted on Tuesday, August 15th, 2006 at 3:21 am and is filed under Payday Loans. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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