Which loan company is best for bad credit?

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There are many reasons one may need to borrow money, but if you have bad credit, it can be a serious challenge. Because fixing your credit score can take years, you may be interested in finding a lender that accepts borrowers with not-so-great credit. Fortunately, there are plenty of options to consider.

Follow along to learn about how your credit works and to find the best auto loan for bad credit, the best installment loan for bad credit, and other important loan categories that may fit your financial needs.

What it means to have bad credit

Whenever you use any type of credit account, the activity on that account is reported to at least one of the three major credit bureaus. These businesses track and store about ten years' worth of your credit account details in their massive consumer credit information databases.

If you always keep your credit card balances low, pay your credit card and loan bills on time every month, and make at least the minimum payment, you are helping to build your credit. If you carry large revolving debt balances, miss payment due dates, and ignore your accounts, your credit score will drop quickly.

Sometimes you are in a tight spot and need a little cash to get you through. Whether it is a car repair, broken-down furnace, or something else, an installment loan might be the best choice. Unlike a credit card, installment loans don’t allow you to increase the balance in the future, and instead set you on a clear payoff schedule.

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