Bad Credit Loans - Personal Subprime Financing

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BDLs are have been one of the most difficult challenges here at Lazerloan.com - trying to find lenders for borrowers who have extremely damaged credit ratings. Furthermore, there is often a personal bankruptcy at play in the equation.

Today's Staff Picks: From Sandy (Money Aisle), From Carl (AmeriAdvance), From Sheila (GPL) 

When an applicant has a bad credit rating (based on bad credit scores with Experian, TransUnion, and Equifax) lenders either won't lend to them - period - or they charge the borrower interest rates that are as high as legally possible in whatever state the lending is being approved.

What we actually look for at Lazerloan.com are lenders that treat bad credit applicants with decency, and don't gouge them. This means that they have a fair-minded APR scale that does increase the interest on the loan (for a borrower with a low FICO) but does so using a slow linear scale of increase. In English that means that the borrower pays less in interest on the principal.

Finding bad credit loans that are purely cash loans is difficult as well. The vast majority of conventional lending institutions will not even consider an applicant with a bad credit rating unless they have a co-borrower, co-signer, or some form of security - some form of collateral.

So this makes our challenge at Lazerloan.com even greater. We have to find lenders that will lend money to borrowers that suffer from severely bad credit scores, and these lenders must be willing to take on the high risk note(s) with a reasonable interest rate. You can imagine the challenge. Actually - if you are reading this, you likely are EXPERIENCING that exact challenge.

Furthermore, many borrowers are trying to avoid high-yield lending products (such as PDLs or cash advances) by borrowing money to be paid back over time with biweekly, or monthly payments. These would be installment payments.

For more information on bad credit loans feel free to bookmark Lazerloan.com for future reference.

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