In accounting and finance, bad debt is the portion of receivables that can no longer be collected, typically from accounts receivable or loans. Bad debt in accounting is considered an expense.
When loaning money, there is an inherent risk that clients might default on the payments. A bad credit loan is a loan to someone who is considered a high risk, due to previous problems in meeting financial obligations. The reputation of an individual in the money market is of great importance. People with bad credit have lots of problems finding anyone willing to loan them money. Lenders gladly grant loans to people who have a job, no pending credit bills and a good credit score. However, if one is self-employed, has pending bills or a bad credit rating, he or she will have problem getting a loan, be it a personal loan, unsecured loan, car loan or home loan.
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A bad credit rating is certainly not desirable, and should be avoided if possible. However, all is not lost even if you have a bad credit rating; there are still organizations that will provide you with a loan. They are hospitable and friendly to customers with a history of bad credit or bankruptcy, and boast of a wide customer base. So, if you have a bad credit, do not worry. With the kelp of these companies you have an opportunity to start all over and revive your life and business.
There are some financial organizations or lenders who do not require you to have good credit, two-year work experience with an organization, or freedom from debt. All they need is an assurance that monthly payments will be paid on time. However, such organizations charge higher rates of interest.
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