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Tuesday, October 15, 2013

Do You Know Which Loans For People With Bad Credit Are Right For You? Test Yourself


Loans for people with poor credit are designed for all types of purposes, from obtaining the money for an emergency all the way to securing the funds for a house. How savvy are you when it comes to understanding how a loan for people with bad credit works? Take the following quiz and find out.

You need a loan to pay off some credit card debt; however, you don't own your own home and are on the brink of bankruptcy. Which of the following loans is the best choice?
(a) Home loans for people with bad credit
(b) Personal loans for people with bad credit
(c) Student loans for people with bad credit
(d) Car loans for people with bad credit

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Answer: (a) Personal loans offer many opportunities for an individual to consolidate their debt, especially if they have a poor credit score and do not own their own home.

What are the two basic criteria lenders use for granting mortgage loans for people with bad credit?
(a) The presence of collateral and whether or not you've had bankruptcy
(b) How many times you've been a late pay and your FICO score
(c) Your debt-to-income ratio and loan-to-value ratio
(d) How many times you've defaulted on past loans and your current income

Answer: (c) Your debt-to-income ratio and loan-to-value ratio. In other words, the more money you make over your incurred debts and the home's value compared to the requested loan amount are both primary factors in considering mortgage loans for people with bad credit.

What factor will cause a lender to be more understanding with regards to past defaults or judgments?
(a) You forgot to pay a couple utility bills
(b) You had to file bankruptcy
(c) You were laid off
(d) You failed to make only a couple credit card payments

Answer: (c) You were laid off. Typically, if a default or non-payments of bills occurred when you were laid off, lenders will look on this as not being necessarily your fault with regards to any delinquency.

How long of time are most bad credit auto loans for?
(a) 5 years
(b) 2 to 3 years
(c) 3 to 6 years
(d) 1 to 4 years

Answer: (d) Most lenders will finance a poor credit auto loan for 1 to 4 years.

Which one of the student loans for people with bad credit is a subsidized loan offered to needy students?
(a) The Stafford loan
(b) The Perkins loan
(c) Federal Pell grant
(d) Loans for Disadvantaged Students

Answer: (a) The Stafford loan is a popular loan which is offered as a subsidized loan for students in need and unsubsidized to anyone else. The subsidized loan pays the interest on the loan each month while a student is attending college and extends this payment out to the six-month grace period from the time a student graduates until the time they must repay the loan.

So, how did you do? Hopefully the above quiz answered some of your questions and will help you in your search for the right loan for your particular circumstances.


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