| The costs of bad credit
As with any other personal loan, the interest rate you get largely depends on your personal circumstances. However, with this particular type of loan, the single most important factor in determining the rate you get is your credit history. A poor credit rating means that the interest rate you will pay will be markedly higher than with other unsecured personal loans. As most bad credit loans are likely to be variable rate deals, you should be aware that your loan repayments will change in line with interest rates. Click here for more on fixed and variable rates. If you intend to pay your bad credit loan off early then make sure that you know what the early redemption penalties (if any) are. Remember: if you want to repair your credit rating over time then you need to make every payment on any loan you are given.
Why you should never take a loan from your bank
You can almost always borrow more money for less by shopping around online. Save yourself hundreds of pounds by not falling for the hype. Have you ever been tempted by the thought of borrowing thousands when your bank sends you a loan offer in the post? What about that moment when you ring up and they offer you an account review and you just know they actually mean to offer you a personal loan? Our advice is to steer well clear of most high street banks if you are looking for a loan. Most offer really poor value and you can do much better shopping around for cheaper credit. This is especially true if you are looking to borrow less than 7,500. Compare personal loan rates with our best buy tables High Street bank loan rates look good on paper The big banks are masters of the art of spin.
Too much debt and not enough money
So many people are struggling financially while others are worried about their financial futures. These are actual people with the problems they've faced or the questions they've asked. Lisa and Paul -- Married couple with three at-home teenagers. .
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