Approximately 15 to 20 percent of the population have bad credit. That's a lot of people! When your credit falls below 550 and in some cases 600, finding a lender who will lend you money to consolidated debt, start a business, or go to school is very, very difficult. Well, seeing that 15 to 20 percent of the population is hard to ignore, some banks and financial institutions will lend to you even if you have bad credit. There are lenders who specialize in lending to people with bad credit or "sub prime lenders." The term "sub prime" got a really bad rap during this whole bottom falling out of the housing industry that took place in 2008 and beyond. Some mortgage lenders took advantage of people they knew could not afford mortgages because they just didn't have the financial means, yet they were given mortgage loans anyway. They took a gamble and lost a great deal and so did the little homeowners who were taken advantage of. However, the term "sub prime" only means lending to people who have less than perfect credit, usually credit under 600. While prime lenders focus on people with credit of 700 and above. Those who fall between 600 and 700 can fall into either category depending on the lender and what you are purchasing. If you have bad credit, your chances of getting a personal loan from a bank or prime lending institution are almost zero. Many people who need goods, often get them from "buy now pay later catalogs" since you don't need a credit card to get goods from them. You have to deal with the lenders who cater to sub prime lending in order to get your personal cash. Although there are far less of these sub prime emergency cash lenders, there are some out there who will give you an unsecured personal loan even if you have bad credit.
Approximately 15 to 20 percent of the population have bad credit. That's a lot of people! When your credit falls below 550 and in some cases 600, finding a lender who will lend you money to consolidated debt, start a business, or go to school is very, very difficult. Well, seeing that 15 to 20 percent of the population is hard to ignore, some banks and financial institutions will lend to you even if you have bad credit. There are lenders who specialize in lending to people with bad credit or "sub prime lenders." The term "sub prime" got a really bad rap during this whole bottom falling out of the housing industry that took place in 2008 and beyond. Some mortgage lenders took advantage of people they knew could not afford mortgages because they just didn't have the financial means, yet they were given mortgage loans anyway. They took a gamble and lost a great deal and so did the little homeowners who were taken advantage of. However, the term "sub prime" only means lending to people who have less than perfect credit, usually credit under 600. While prime lenders focus on people with credit of 700 and above. Those who fall between 600 and 700 can fall into either category depending on the lender and what you are purchasing. If you have bad credit, your chances of getting a personal loan from a bank or prime lending institution are almost zero. Many people who need goods, often get them from "buy now pay later catalogs" since you don't need a credit card to get goods from them. You have to deal with the lenders who cater to sub prime lending in order to get your personal cash. Although there are far less of these sub prime emergency cash lenders, there are some out there who will give you an unsecured personal loan even if you have bad credit.