One of the greatest things to ever happen to a poor credit borrower is the invention of free bad credit personal loans. Finally the lenders seem to understand that a person who needs a personal loan, but has bad credit, probably doesn’t have money to be paying fees up front. Sure, there might be a little bit higher interest rate to go along with this loan, given that it doesn’t carry any fees, but for a bad credit borrower it’s completely worth it. They just need the money, and the need it now. I do think one really smart thing for lenders to start doing is offering some kind of credit improvement program to these bad credit borrowers. If they don’t improve their credit they’re just going to be back in that payday loan store over and over, never seeing the light at the end of the tunnel.
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