"I want a direct personal loan. I have bad credit because I filed bankruptcy, and I am a non-homeowner and do not have any equitable assets. I need a $25,000 personal loan to pay bills. Where can I find an application to apply online?"
The above is an example of one of many inquiries encountered by Credit Federal. While this type of of credit circumstance is certainly heart breaking, consumers need to be aware that bad credit, bankruptcy and the lack of equitable assets, can greatly impact financial options.
Credit Federal tirelessly seeks lenders to assist consumers of all credit types; including bad credit, yet has never encountered a large unsecured personal loan application for high risk applicants, not even through the federal government.
Bad credit consumers as described in the first paragraph, can obtain a payday personal loan with an amount limited to around a thousand dollars. A payday personal loan; however, can also incur debt even though these loans are only around $1,000 dollars. If not repaid timely, application, lender and/or rollover fees could add up quickly.
Maybe the lack of available high credit limits for bad credit consumers is a blessing in disguise? The restriction of high limit credit to only good credit consumers can help deter bad credit consumers who are already over extended from increasing their debt by tens of thousands of dollars. Instead of obtaining a huge cash loan to pay off high interest bills, it may be best for these consumers to consider other courses of action.
Since no lenders have made their high limit personal loans available to high risk consumers, some bad credit consumers may be more prone to becoming scam victims. Out of desperation, they may succumb to those too-good-to-be-true programs, most notorious of which are those that promise a guaranteed government loan to pay bills. The truth is, any such loans would be readily available to all U.S. citizens, without having to pay a non-governmental agency for the application information. There are no secret loan programs. What these companies sell consumers is the same info that be located right here at Credit Federal. Click here to browse and apply for government programs.
Submit an online application for a personal loan at Credit Federal.
If you have bad credit due to bills, instead of seeking a high limit, high risk loan, consider alternatives:
If you have a home or auto with equity, consider refinancing to get the cash you need.
Consider credit counseling to consolidate bills into one lower, monthly payment.
Be watchful of scams which offer loans that sound too good to be true. Most of these programs prey upon bad credit consumers who are desperate enough to throw caution; and their hard-earned money, to the wind.