Question by  critesb1 (224)

How can I obtain a high risk loan?


Answer by  patti (29325)

Each lender sets the requirements for borrowers. Some lenders will consider a loan to a borrower who is not credit-worthy, but the trade-off is high interest, exorbitant fees and stiff penalties for missed payments. Given the climate in 2010, most lenders are not willing take the risk to put the institution's assets at risk.


Answer by  Dean (4035)

It's up to the lender to determine who will receive a loan. The lender defines the terms of a "high risk" loan to be made to a borrower with less than perfect credit. This would involve higher interest rates, higher application fees as allowed and stricter fees and penalties throughout the course of the loan.


Answer by  SallyJ64 (3121)

If you can't get it from a conventional place like a bank, try looking for people to people investiment websites. People can invest in your loan and you repay them.


Answer by  Meagan87 (197)

In this economic climate it is especially difficult to obtain a loan that is considered high risk. Your best bet is to go to your local lender.


Answer by  mlucas (515)

In this day and age that is not usually possible without either a lot of money down or a super high interest rate. You can go to family and friends. I would not recommend dealing with a loan shark.


Answer by  Liz59 (10966)

Well go to your bank and have a talk with your financial advisor. State that you are interested in acquiring a loan and see what they can do for you.


Answer by  Latin4 (11170)

At this time in the economy, why would you want to obtain a high risk loan. The interest rate would be so high that it wouldn't be worth it. Anyone will lend you money, but are you willing to pay the price.

You have 50 words left!