Risk Mitigation
Whether or not a personal loans for those with bad credit is granted depends on how a lender sees risk mitigation when dealing with each individual borrower. Just about every lender in the business wants to be paid back. And they carefully weigh the interest rate they charge against the reality of the loan actually being repaid. When determining risk mitigation, a number of factors come into play. They can include:
- The amount of the loan.
- The credit score of the borrower.
- The income to debt ratio (how much income vs. how much debt).
- The security or collateral offered, if any (real estate, etc.).
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