What are damaged credit loans?
Damaged credit loans are loans made by lenders to people who have a history of bad credit or a significant blemish on credit such as bankruptcy. Damaged credit loans are risky to lenders because of the higher likelihood that the borrower will fail to repay the loan. As a result of this increased risk, damaged credit loans often have higher interest rates and larger penalty fees than loans made to people with good credit. However, there are a number of quality programs providing damaged credit loans which are fair to the borrower.
