Bad credit does not automatically prevent a consumer from getting a loan, according to a growing number of new websites that are catering to consumers with bad credit. Some online resources are now reporting as much as a 98% approval process in helping people with bad credit get loans.
Loans for people with bad credit, repossessions, and bankruptcy are possible, according to companies like Auto Loan Spot, which recently released a press release claiming the 98% approval rate.
Other sources are reporting a growing number of lenders offering home mortgage refinancing loans. These are generally designed to help a consumer lower their monthly payments. According to one site, one of the most important considerations in selecting a lender is to find one that specializes in helping people with bad credit.
President Obama said in an interview on Sunday evening’s 60 Minutes that: “What is a danger is that we stay stuck in a new normal where unemployment rates stay high, people who have jobs see their incomes go up, businesses make big profits, but they’ve learned to do more with less, and so they don’t hire.”
With a continuing concern over high unemployment and slow economic growth, lenders will have to come up with solutions for dealing with consumers with bad credit if they want to increase the number of loans they provide, according to consumer advocate Karen Andrews. The percentage of consumers with good credit may continue to shrink for quite some time.