5 types of bad credit loans and their uses
People with bad credit may be able to qualify for certain types of bad credit loans.
Your debt doesn't have to be tied to guilt — there are ways to ease it and empower yourself by being strategic about what and when you borrow.
— Rhys Subitch
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about loans products for every part of life. Rhys has edited articles, reviews and guides covering a broad range of topics in the consumer loans space, from debt consolidation to buying a car. Their experience spans student loans, auto loans and personal loans, and they have developed a passion for helping readers take control of their finances.
While Rhys has worked with credit cards and insurance in the past, they settled into loans content, where they have developed their expertise. In the past nine years, Rhys has researched, edited and written for several independent publications, startups, a university and a Fortune 500 company. Seven of those nine years have been devoted to personal and business finance content.
When Rhys isn't working, they enjoy spending time editing their husband's art, reading and watching hockey. They currently reside in Tacoma, Washington.
Rhys wants you to know:
My first auto loan was from a used car dealership. I didn't fully understand the lending process when I walked in, and because of that I got stuck with a term that was way longer than I wanted to be paying off my starter car. My second time around I did my research, got an excellent rate and a medium term, and I’ve paid off my car well before I want to trade it in.
Your debt doesn't have to be tied to guilt — there are ways to ease it and empower yourself by being strategic about what and when you borrow.
— Rhys Subitch
People with bad credit may be able to qualify for certain types of bad credit loans.
Credit-building products can be useful in specific circumstances — find out if yours is one of them.
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Different types of credit-building products available
While JG Wentworth is a well-known company, there are still drawbacks to consider. Here are a few examples of what we like about the company and what we think could stand to change.
GreenPath Financial Wellness is a national nonprofit that has credit counseling and debt management to help you get on top of your finances.
Bankrate's editorial team rates debt relief companies on a scale of 1 to 5 stars, based on factors that fall under 4 categories.
Century Support Services is a customer-focused debt settlement company that works in 44 states and has had over 250,000 customers.
Don’t confuse these soundalikes. They’re quite different.