Do it right with our free downloadable termination letter template (Word .doc) The lower your creditworthiness, the higher the annual effective rate (note: you want a low annual effective rate) for a loan, and this is usually the case for online lenders and banks. You shouldn`t have a problem getting personal credit with bad credit, as many online providers cater to this demographic, but it will be difficult to repay the loan, since you repay double or triple the principal of the loan if all is said and done. Payday loans are a very common private loan for people who have bad credit, because all you need to prove is proof of employment. The lender will then give you an advance and your next paycheck will pay the loan plus a large portion of the interest. A credit agreement is a written agreement between two parties – a lender and a borrower – that can be imposed in court if one party does not maintain the end of the agreement. As a borrower or lender, you need vulnerable protection to prevent you from being exploited as a borrower or your lender plan from being late. A credit agreement is a document that meets the interests of both a lender and a borrower….