Equity Loan Bad Credit (n.): a bad idea.
If you are looking for a home equity loan and you have bad credit, think again! You are probably about to do something very stupid. There may be a very few circumstances where it is smart to apply for an equity loan with bad credit, like, say, a meteor is about to hit you and the only way you can avoid it is by adding to the mortgage on your house, but for almost everyone else, you are probably much wiser off paying down your home equity and working patiently to repair your bad credit.
In case you don’t remember, a home equity loan is secured by the equity in your home. That means that if you happen to fall into bad credit habits again, you lose your home.
That is the worst consequence of taking out a equity loan with bad credit.
You automatically get some pretty bad consequences because of your bad credit. Specifically, you are going to have to pay outlandish interest rates and the payment terms are likely to be much less forgiving. One slip, and you have more bad credit and even less (or absolutely no) home equity.
Don’t go there.
According to Symbiotic, this bad boy normally generates between $30 and $40 per click.
Tomorrow’s high-paying Google AdSense keyword brought to you by Nimble Books. This article free for reuse as long as you link back. (c) 2006 W. Frederick Zimmerman.
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September 3, 2007 at 10:18 am
billy
Very true just look at the problems with the bad credit mortgage companies now in the US, one way or another its a bad business model.
The keyword would be high paying I imagine as the companies can squeeze some good perentages for the desperate. Thanks for the article.