Other than having a bad credit, the APR deciding factors are many the lender, which state you live in, age, income, having a valid checking account, duration of the loan, late payment penalties, loan renewal actions and various other factors.
>>>AccreditationCheck if the lending company is accredited by the BBB. The newer online ones are usually not. Many lenders do not offer secured loans. Add-ons Expensive insurance add-ons that ensure that the loan is paid back if you die or get disabled, are slipped in by some lenders.
>>>New credit - Your credit score may lower if you apply for too many loans within a short span of time.The obvious solution to having poor credit is to improve your credit score. This automatically qualifies you to apply for a wide variety of loans.
>>>There are some financial institutions which specialize in offering bad credit personal loan. The banks look for - your length of credit history, fair to bad credit score, collateral in case the loan gets defaulted.
>>>The options for personal loans are aplenty, especially if you have a good credit score. Most people use personal loans to bridge financial shortfalls. Many also avail personal loans to payback credit card debts which usually carries a higher interest.
>>>Your educational background, your general impression on lender and personal credit score are used as indicators to your repayment capacity. The state of the economy and the trends in your industry are external factors which also determine your repayment ability.
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