About Personal Bank Loans for People With Poor Credit

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Personal bank loans for people with poor credit are becoming much less common and will often require physical collateral. Find out about tightening guidelines for unsecured personal bank loans with information from a financial adviser in this free video on personal loans.

Part of the Video Series: Credit Cards & Personal Loans
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Video Transcript

Hi, my name is Matt McKillen. I'm with Innovative Financial Group. The question post to me today, "Are there personal loans available for people that have bad credit?" Well, if you have bad credit obviously you're going to be considered a much higher risk in borrowing money than someone with good credit, that just make sense. I think there are some personal loans available; but generally, it would have to probably be a secured personal loan. For example, if you wanted to go borrow three thousand dollars and let's say you had a vehicle that was free and clear, you own the title to it; with poor credit, probably the bank would be much more willing to lend you that if they have that collateral on the loan as security which means you would just basically have to assign over the title to the bank to hold as collateral until the loan is paid in full. It's getting much harder on a personal signature loan basis for people with good credit to get a personal loan. There are other avenues out there; there are like, I hate to say this, but they are like pawnshop type places that will take property as collateral for personal loan for poor credit. But the banks themselves as a whole are really tightening up their guidelines. So please look to fins some type of collateral if you have poor credit and you're looking to take a personal loan. Again, my name is Matt McKillen. I'm with Innovative Financial Group.

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