Having an extremely poor or bad credit score has become much more common over the last few years, especially after the credit crisis. As the unemployment rate remains at 9.6% it is the case that many of these poor credit borrowers are looking for access to money through a very bad credit personal loan that is unsecured. Before making any final decisions on a personal loan it is very important for borrowers to realize just how high of an interest rate they may see.
At the present time it is very possible to see an interest rate as high as 20% on a personal loan for those who have a very bad credit score below 600. Unfortunately there is very little that these Americans can do as one of the best ways to improve a credit score is to pay down debt but if they are looking for loans then it is likely that they cannot pay down these high interest rate debts. If the objective is to take out a bad credit unsecured personal loan to pay off other debts then it might be very smart to consider other options as this is just going to compound the debt problem.
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