Spotlight: Personal loans for bad credit
How to get a loan
You might find yourself with a low credit score and a need to take up a loan, low credit score can be as a result of poor financial planning or barely a bad luck.
When your credit score is low you are left with the question, “Can I get a loan with bad credit?”
Remember your credit score defines your financial capability and ability to repay the loan to the lender as per agreed terms and conditions.
That mysterious, magical number on your credit report is the single most important factor for securing a loan.
What then is a credit score
Credit score is a number between 0 and 999,It is basically a rating by which your credit risk profile is determined.
A score closer to zero means someone is more likely to default on credit and is seen as high risk.
A score closer to 999 is seen as positive and more trustworthy. Meaning with this score of closer to 999, a lender can trust that you are less likely to default on a debt.
A credit score is taken at a specific point in time. It does not account for your future potential.
It is a summary of your credit history.
Your credit history is therefore displayed as a score for lenders to use to determine if they want to offer you a loan.