Bad Credit Loans Direct is a company that provides loans to people who have either poor or bad credit ratings. While this may seem like a good solution for those of you who are struggling with the burden of bad credit, it can also be beneficial to know what you’re signing yourself up for before you sign any contract or agreement with Guaranteed loans for bad credit direct lender.
What is Bad Credit?
Before we get into the nitty gritty details about Bad Credit Loans Direct and their loan products, let’s first talk about what “bad credit” even means. If you have debt and bill problems, don’t worry, you’re not alone. According to the National Foundation for Credit Counseling (NFCC), 68% of Americans are paying off a credit card balance in collections, 24% of consumers have an unpaid medical bill that is over $500, and almost 17% of the population has personal loans or credit lines with balances over $10,000.
The NFCC also found that 47 percent of Americans reported being able to pay their most recent credit card bill on time, while 26 percent were late by two weeks or more. Because we are so in debt as a nation and as individuals, a fast cash product like Bad Credit Loans Direct can seem like a godsend.
Bad Credit Loans Direct and Their Bad Credit Loan Products
Bad Credit Loans Direct is a company that specializes in offering fast loans to individuals with blurred credit. The average person with bad credit has a personal debt accumulation of $6,714 and about 30% of people are struggling with $1,000-2,999 their bills. The NFCC found that 49% of Americans struggled more than six months earlier on the same sort of thing. Unfortunately, there are laws regarding the ownership of personal debt by third parties, which is why these companies are able to borrow money from lenders like Bad Credit Loans Direct.
The idea behind these types of loans is that they will help lift you out of your financial slump. They can help you pay off high-interest credit cards, medical bills, or personal loans. If you are paying a high interest rate on your credit card or medical bills, such as 12% or higher, then Bad Credit Loans Direct can help you break that cycle. Your loan will be repaid in equal monthly installments over an agreed period of time between you and the lender.
There are two types of loans that Bad Credit Loans Direct will offer: secured and unsecured. The more common type of these types of loans is secured loans. In a secured loan, the lender will be able to repossess something for payment if you fail to make payments.
