What Is The Impact Of Credit History on Personal Loans?
July 22nd, 2010
Though it is always better to have a good credit history when applying for personal loans, a bad credit history will not be a hurdle. The only area of impact is the rate of interest that is charged on the loan amount. A good credit score will always help in striking a good deal and getting a reduced rate of interest. It is interesting to note that there are many money-lending institutions that specialize in offering Personal Loan to people with a bad credit history. The only catch is that people with a bad credit score will be charged with a higher rate of interest and hence stand to lose more money by way of interest. On the other hand if they repay the loan on time they stand a chance to improve their credit score.
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