The way to find the VERY best interest rate on a bad credit loan is usually overlooked or concealed altogether.

But before we continue, let’s digress briefly and look at how significantly the higher rate for a bad credit loan affects the borrower.

Let’s say you wish to buy a house, but have bad credit. No matter how diligently you shop for a lender, you are still charged a higher interest rate for a bad credit loan than if you had good credit.

With good credit, you might get a mortgage loan at 6% interest. But a bad credit loan will cost you closer to 12%.

Now getting back to our original issue, how can you get a better rate of interest for a bad credit loan? The answer is probably not what you were expecting.

The solution is to “think outside the box.” The technique to get a bad credit loan with the best interest rate is to NOT get one! Instead, spend a couple of months fixing your bad credit, and then look for a “good credit loan” instead.

This answer probably comes as something of a shock to you. More than likely, several objections to this approach will come to mind.

1. “I need a loan NOW” or “It’s not worth my while to wait until I repair my credit.”

Oh really? Well, is it worth a savings of $150,000 or more? Granted you might not be looking for a $100,000 loan. But even if you wish to borrow only $10,000 or so, the better rates you will enjoy with good credit will still save you several thousand dollars.

2. “Fixing my credit will take too long, or it just Is not possible.”
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