Thomas Patrick, Professor of Finance, was featured as an expert in a recent WalletHub discussing Best Installment Loans for Bad Credit.
What advice do you have for someone with bad credit who is looking for an installment loan?
Make at least the minimum payment on credit cards. Either reduce your spending or increase your income via a part-time job. Borrow from or do chores for your family to pay off your debt.
Do you think it should be easier for people with bad credit to get loans?
Not really. If you are having trouble paying off previous loans, why should it be easier to get into more financial trouble.
When do you think it makes sense for people with poor credit to apply for a personal loan?
One should find someone to co-sign for them.