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Some lending institutions set a limit on the minimum credit rating a person can have and be authorized for a loan. That's because loan providers utilize credit ratings to judge how most likely it is that somebody will pay back their loan. But you're not out of luck with a bad credit history.

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To see individual loan lenders and their minimum credit history requirements, see Credible. Lenders earn money on personal loans through the rate of interest and charges they charge. The very best individual loans for people with good or excellent credit will have low interest rates and no fees. Personal loans for bad credit will usually have much higher rate of interest and can have significant charges.

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These different rates can equate into extremely different costs over the life of the loan. Here's an example of two scenarios, possibly even from the same lending institution.  This Site  utilized in the example are drawn from Reputable's average minimum rates for various credit bands. Loan quantity: $15,000 Loan term: 5 years, APR: 14%Regular monthly payment: $349Total interest charges: $5,941 Total payment quantity: $20,941 Loan amount: $15,000 Loan term: 5 years, APR: 27%Monthly payment: $458Total interest charges: $12,481 Total payment quantity: $27,481 Even though they're borrowing the exact same quantity and have the very same quantity of time to pay back the loan, the person with bad credit will pay more than two times the overall interest than the one with good credit will pay.