Experts warn against borrowing from lenders who dont thoroughly check your credit history, repayment ability, and other financial circumstances. You should also be wary of expensive insurance add-ons that ensure when is a personal loan a good idea loan will be paid back if you die or become disabled. If you have very bad credit, secured loans can be a viable option - it will be easier to qualify and youll receive more favorable terms, such as a higher loan amount and a lower APR.
However, you must be absolutely sure you can repay your loan on time or you could lose whatever collateral youve agreed to use - typically, your home, car, or savings account.
Another option is getting a co-signer with better credit to sign for a loan with you. The lender will then use the co-signers credit to determine the terms. Of course, doing so puts the co-signer at huge risk. He or she is equally responsible for payments if you suddenly cant afford them. If you think theres any chance you will default, save your friend or family member the trouble of becoming a co-signer or youll risk their finances - and your relationship - too.
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