What is a Bad credit Loan?

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  1. Arvind Babajee profile image61
    Arvind Babajeeposted 17 months ago

    What is a Bad credit Loan?

  2. Tusitala Tom profile image66
    Tusitala Tomposted 17 months ago

    A bad credit loan, to my way of thinking, is the same as a risky loan.   For example, you lone money to a friend who says he will pay it back by a certain date and he fails to do so.   In fact, he never pays you back.   He just never has the money to do so.

    When a bank loans money to a prospective house buyer, and the buyer defaults because he cannot repay the loan and the interest on that loan, the bank usually reclaims the home itself.  Then it can on sell it to someone else. 

    But what if the loan made was, say $200,000, the man defaults, and the bank reposses the home, but can only sell it to someone else at $100,000.    Then I guess I'd call this a bad credit loan.  And I right?

  3. Terrielynn1 profile image94
    Terrielynn1posted 17 months ago

    It's a term used by credit lenders. They are saying, you can get credit or loan with our company even if you have a bad credit history. I have family who have done this kind of loan. The only problem with it is you will pay a really high interest rate, because of the risk the company is taking when they loan you the money.

  4. tamarawilhite profile image91
    tamarawilhiteposted 16 months ago

    A loan where they charge high interest rates, fees or both to offset the risk of someone not repaying and often charge excessive fees and interest to trap people in a cycle of debt because they cannot pay it off.
    For example, car title loans and payday lenders have fees and interest that, if you renew the loan repeatedly, equal 300% of the original loan amount. Borrow $1000, pay back $3000 over the course of a year.

 
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