5 Types of Bad Credit Loans to Avoid Quick

5 Types of Bad Credit Loans to Avoid Quick personal loans to people with bad credit. It gets worse. McClary says he and other salespeople were encouraged to recommend to consumers that they buy credit life insurance and credit disability insurance, designed to pay off the debt if they died or become disabled. "It would increase the profit margin on the loan, usually costing $15 a month," McClary says, adding that that actually raised the 36 annual percentage rate of the loan to closer to 60 percent. Ominously, this type of insurance doesn't look out for the cardholder – it looks out for the lender who wants financial compensation should something happen to you. McClary says it's important to find out everything you can about your credit history and the loan you’re applying for – especially if you have bad credit. "If you are uninformed and walk into the office of the lender, then God help you," McClary says. "Their job isn't to educate you while selling a product. Their job is only to sell you the product."

FICO Scores; That never seemed fair, but now consumers can increasingly see their FICO score for free — the three-digit number that determines if you’ll be approved for a credit card or loan. Fair Isaac Corp., the company that developed the FICO score, has been working with credit card issuers and lenders to allow them to show customers their FICO score online or on monthly statements. Seeing the score frequently pushes consumers to improve their finances, says Jim Wehmann, a vice president of FICO’s scores business. People with higher FICO scores, which generally range from 300 to 850, are offered lower interest rates on mortgages or have an easier time getting approved for credit cards or loans. FICO scores are calculated using information from your credit report, a detailed list of your past and current debts. But roughly 45 million Americans have no credit history or credit score, according to the Consumer Financial Protection Bureau. FICO is developing a scoring system for these “credit invisibles.” Knowledge is Power and Credit is King! Call 18004421591 to get your Credit Education CD!

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