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An unsecured bad credit loan does not require the security of collateral in the form of a house so the borrower has no risk when opting for this kind of loan. The risk factor for the lender is much higher. The interest rates for such loans are usually fixed which indicate that the monthly installment amount remains the same throughout the course of the loan repayment timeframe. Even though the amount offered in the loan is much lower, the interest rate is higher but can be cleared faster. loan companies that deal with bad credit The first thing Jerry does is to try to borrow money from his friends and family.  It turns out that each of them are having their own money issues, hence they can’t lend him anything.  Jerry tries to turn to various financial institutions to see if he can borrow enough money to fix his truck.  However, because of bad credit personal loans are unavailable to him.  The thing is, Jerry wasn’t bad at managing his money to begin with.  Sure, he made a mistake in the past, but should he suffer from a minor payment mistake plus the fact he didn’t have much credit to begin with? A checking account that's in good standing. Some lenders will also accept a savings account instead. If you have your paycheck direct-deposited, even better.
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