Instant Approval Personal Loans for People With Bad Credit

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Some companies may offer personal loans to people with bad credit, but these loans will most likely come with a very high interest rate. Discover why it's important to repair credit before attempting to get a loan with help from a financial specialist in this free video on personal loans and money management.

Part of the Video Series: Personal Loans
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Video Transcript

Hi, this is Matt McKillen with Innovative Financial Group. I had a question posed today. Are there instant approval loans out there for people that have bad credit? My experience, I've seen that there are some companies out there that will offer personal loans to people with bad credit. Generally, it's a very high interest rate. We may be talking somewhere around twenty or thirty percent. So depending on really what the need for the loan is, I generally shy away, my clients from borrowing money under those terms. I'd much rather work with them or have them consult a credit repair agency to get their scores back up so that they can get much more favorable terms on a personal or note loan down the road. But again, there are programs available out there, even if you have bad credit. You just have to be prepared to probably pay a very high rate of interest, probably not a very large loan amount would be available, but if it also helps you rebuild your credit, that may also help increase your score to get a better loan down the road. Again, my name is Matt McKillen. I'm with Innovative Financial Group.

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