What is a bad credit loan? Basically, it is a loan with a very low or bad credit score as a result of defaulting on loan payments, showing R9's on your Equifax report, going into collections and ending up in bankruptcy or consumer proposal. These loans are often called "sub-prime" loans and are perceived as high risk and therefore involve higher interest rates.Can I get a car or personal loan if I have bad credit?Yes, there are many sub-prime lenders out there who will advance loans for cars, personal loans and mortgages -- but approval will depend on how much you owe and if you are in arrears. Also, the amount you can loan will depend on your...
