10 best Bad Credit Personal Loans

Personal Loans for Bad Credit

A person with a bad credit reputation is offered two choices for a personal loan. One option is to obtain a loan from Sub Prime lenders and the other is to obtain a mortgage loan.

Private Lenders: A ray of hope to raise your credit score

While the loan from a sub prime lender carries a higher rate of interest in addition to the processing fee/ premium fee charged by them for the high risk factor, a mortgage loan offering a collateral security comes with a lower interest rate. These sub prime lenders are the private lenders who lend money for very high rates of interest.

Best bad credit personal loans

Many banks and corporate giants offer personal loans to individuals with bad credit reputation.

CitiGroup : Citigroup US tops the list of personal loan lenders for bad credit. This Bank operates across 100 countries, having a customer base of 200 million. Effective customer care and bad credit mortgage loan schemes make it the most preferred lender company.

Bank of America : Bank of America is the second in the list of Top Companies for Bad Credit Personal Loans. It offers bad credit and mortgage loans and almost all categories of small loans. Leading the credit card division it offers loans at no application or processing fee.

Wells Fargo Bank : Wells Fargo a leading mortgage company in the US operates across the US and the rest of the world. It is the 5th largest mortgage bank in the US.

Wachovia : The fourth largest bank in the US provides a step by step guide to the customers in applying for a loan with a bad credit history.

Popular : The largest bank in Puerto Rico is the leading lender company for bad credit borrowers.

Golden West Financial : The third largest loan company is the best mortgage lender for home loans.

BB & T : BB & T offers a wide range of loan solutions ranging from student loans to home and business loans. M&T, AmSouth Bancorp, Marshall and Ilsley, are next in the list of top 10 bad credit lenders.