A bad credit score can be the result of many different factors. These may include: educational debt, medical debt, increased cost of living, stagnant wages, the economy, a pandemic, and a variety of other reasons. Many residents in Oklahoma have a lower than average credit rating. Oklahoma also has a lower median income than most states, ranking 40th among them, according to the US Census.
Some of the top reasons that Oklahomans find themselves with bad credit ratings:
Unfortunately, lenders often use your credit score to determine eligibility for future loans and lines of credit.
In other words, for lenders, your credit score is an indication of how high a risk it is for them to loan you money. While it feels difficult to get ahead, if you have bad credit, it is still possible to prove to lenders that you’re a safe investment. There are a few different ways that you can do this:
While loans for individuals with bad credit can be hard to come by, they do exist. The most common form of loan available in these cases is a personal installment loan. Bad credit personal installment loans work just like many other types of installment loans, with fixed, regular payments over an agreed-upon timeframe. While, in some cases, lenders may require collateral (secured), there are many unsecured loans available for a wide variety of expenses.
Some of the most common things Oklahomans use personal installment loans for are: