There is no doubt that the financial crisis which hit the world in 2008 is responsible for the sudden increase of bad (or still known as “poor”) credits. The last surveys show that 40% of the citizens of the USA have poor credit rating which disables them from getting a new loan or credit when needed.
Fortunately, there is a new kind of financing which is called “finance for poor credit”. Believe it or not, that kind of financing was “invented” some time after the crisis hit us and it soon became extremely popular, especially among those people who had a bad credit but still would like to get financing. The reason is that these sorts of financing’s target group are exactly the people having poor credit rating!
You may not believe me but the terms and conditions which are offered could be quite favorable for some people. Perhaps, you, just like me, would expect high rates of interest and non-flexibility manner but you have no idea how wrong you are.
And as I know that words cannot persuade most of the people in the accuracy of my statements, I am going to give you a finance-for-poor-credit company as an example. If you are interested to know, its name is Ocean Finance but that is not important in our case. It is not important because 99% of the companies offer the same terms and conditions, or even better or said in other words, that company is not an exception on the market!
However, let’s get back to our example- the Ocean Finance Company. Firstly, we will mention the fact that 98% of the people who applied for a credit were approved. It definitely sounds astounding, doesn’t it? Just think about the figures- 204.000 applied for getting financing and only 4.000 of them were disapproved but the other 200.000 got their “Yes”!
But the good news does not stop here. There is much more! We will also say that the procedure of applying is so easy and simplified that you could even apply online and there is no need for you to visit the company’s office. If you apply virtually (online), you will probably get the result (Approved/Disapproved) via mail but it is up to the company’s policy.
However, the most important part is the flexibility and the amount of money which you could get as financing. You will not believe it but the finance for poor credit could be nearly as high as the ordinary financing offered by banks and finance companies. The amount of money which a person with bad credit could get varies from $5000 to $120.000 which is really impressive! And the best thing is that you can choose the refunding period- the limit is usually between 3 and 25 years. You must admit that the finance-for-poor-credit companies have definitely done their best in order to provide their clients with as much freedom of choice as it is possible.