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online car title loans

May 16, 2015 @ 8:58 pm
by ezcredit
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Personal loans for bad credit are loans obtained for personal use. For personal loans, past credit history of borrowers has no effect on the procurement of loan. Personal loans like any other loans can be availed by signing an agreement between the lender and borrower, to get the lump sum amount of money for the most urgent use. Personal use can be of many types like; to pay the medical bills, electricity or other utility bills, to purchase a car or house, or to pay any debt.Personal loans for bad credit are open to everyone with a poor credit score to a good credit score. These credit ratings are maintained by credit bureau that contains the past payment records of every individual on the basis of late-payment, no-payment, default or bankruptcy. Borrowers can get these loans from public or private loan institutions or private individual lenders.Types of loans vary widely, to get the most appropriate type of loan on the basis on usage; types should be considered properly before applying for any loan:1. Long term personal loans:Long term loan is a form of personal loan to fulfill unexpected personal needs. Long term loans are generally low interest loans, and termed as secured loans. In secured loans, a security is needed in terms of asset or property as a collateral to serve the purpose of guarantee to repay the loan in the agreed time period.This is the most suitable type of loan from the lender's viewpoint, as low risk is associated to offer such loans. In case of bankruptcy or non-payment by the loan-seeker, lenders can get their money by dealing with the collateral. One of the eminent features of long term loans is the low interest rate on the loans because of the low risk associated.2. Short term personal loans:A short term loan is a kind of personal loan for bad credit which does not require a car, house or property to avail the loan. A person with bad credit history can easily get this loan without getting himself into any sort of trouble. High lenders risk is associated, as no collateral is attached in the agreement that serves the repayment purpose. These loans are termed as unsecured loans and high interest rate is one of the cons of short term personal loans.3. Payday loans:Payday loans are personal loans required for personal usage in small amounts. Payday loans are short term in nature with high interest rates involved. Lenders have some requirement before the approval of payday loans which can be repaid in weeks. These requirements include an active bank account, a constant earning from a secure job.4. Title loans:Title loans are personal loans and very much like the payday loans. They requires a vehicle titled as collateral. Vehicle title and spare keys are given by borrower to the lender at the time of agreement. They are short term loans with high interest rate.

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