Procuring a loan whilst having bad credit can be a nightmarish experience. To avoid the unpleasantness, it is imperative to choose a lender who is transparent about fees and rates, has flexible terms and will consider you as more than just a credit score. The things to stay clear off are predatory lenders, scams which have the potential to pull you into a vortex of debt.

The industry is plagued by predatory lenders and practices designed to trap vulnerable borrowers. As a borrower with bad credit, the options for loans are limited and usually not very good. Within the available loan option, as a smart borrower be aware of the reigning pitfalls. Be proactive at the beginning of your personal loan journey thus preventing trouble along the way.

To save money on your loans, use the various loan calculators available online during the preparatory phase. Using these calculators gives you an idea of how much you can afford, how much you can borrow and an approximate monthly repayment figure. Personal loan calculator A personal loan is an excellent tool to revive your finances, like consolidating your credit card debt and to meet the exigent needs.

A savings account is one of the simplest types of bank accounts. It is a deposit account opened at a bank of your choice in which the deposit accumulates interest. A savings account can be used to deposit your money in a safety deposit and lets you use the funds as and when required.

A prepaid card is nothing like a debit or credit card. A bank debit card can be used to check the balance of the account holder, and you can spend money on the card directly from your account. When it comes to prepaid cards, you’d have to load money onto the card first.

Parent student loan, which is also referred to as PLUS loan or parent PLUS loan is a type of student loan that is offered to the parents of students who are enrolled in a graduate or a professional course or in post-secondary institutions. Taking a parent student loan is a major decision, as it can affect your finances for at least a decade.