Find a bad credit lender in your area. Search for bad credit in our directory
Why are bad credit loans so hard to get?
Banks, basically, are trying to minimize their losses on high risk loans. They do this, sadly, by forcing individuals who do not default to pay for those who do through ridiculous interest rates. A few years ago before the dawn of the recession, the only requirement for a loan was a heartbeat. Now, however, one’s credit score must be a burnished specimen of perfection for conservative to even consider lending. A FICO score higher than 650 is needed for them to even look at you, and to obtain the best interest rate a score near 800 is needed.
Competition in the lending market
The main difficulty for those with bad credit are that the median credit score is so high. Bad credit is considered to be a FICO score less than 650, and with the median as high has 720 there are plenty of other lending opportunities for banks. This makes Texas Loan Finders job of finding lenders even more difficult. For this reason, we try to find lenders who are willing to make the informed decision to give a second chance to loan seekers with bad credit.
Interest rates on bad credit loans
Interest rates for those of us with bad credit can be exponential – Texas Loan Finders seeks to normalize the interest rate curve to provide decent loans to those in need. It is a challenge to loosen the iron grip banks have around their capital during this recession, but it is possible if you look in the right place. This, I’m happy to tell you, is the right place. For other (more reasonable) borrowing options see our pages on Debt-Snowball, Installment Loans, or Consolidated Debt.
Apply for a loan with a bad credit friendly lender
If you are plagued with bad credit, there are lenders out there willing to assist you. Find a lender with our directory. Searching for bad credit will reveal a number of great lenders nearby who specialize loans for your particular credit score.
We have helped many clients to get their debt situation back on track. Many clients come to us with debt that they view as insurmountable, with interest piling up, and with no where to turn. We help to guide their decisions, typically forwarding them on to debt reduction methods such as consolidation. Bankruptcy is almost never an option for our Texas-exclusive clientele, with just a few years and some careful planning your finances can be put back on track.