If your credit is bad, getting a loan from a traditional bank and mortar financial institution, such as a bank or a credit union, is going to be difficult if not impossible. However, the personal finance and loan market has changed dramatically within the last few years.
Traditional financial institutions have tightened their credit qualifications, thus making landing a loan from them more difficult. Due to the recessionary times, many folks have taken severe hits on their credit histories. These folks still need loans from time to time. Private lenders have stepped in to fill the gap and competition can be fierce, thus lowering interest rates and easing repayment terms.
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Consider some alternatives before approaching a lender
Called a friendly loan, have you considered approaching a trusted friend or family member to lend you the funds you might need to smooth out your financially troubled road? Usually there is little or no interest charged and certainly no background check, financial or otherwise. You can layout all the specifics in an informal contract so the terms are never misconstrued. Of course, the obligation to meet repayment is very high as bad blood could result.
Some folks do not want to approach friends or family for a financial infusion for privacy or dignity considerations. So, many Americans have accumulated stuff they just do not really need. Do you really need that second car? Approach an auction house about those items that have been sitting in the attic or basement for years. You might have some really valuable pieces. Consider doing a sweep inventory of your material possessions and sell off stuff you do not need or use.
Make preparations before seeking a bad credit personal loan
Barring selling assets or approaching colleagues or family members for a loan, you need to find a lender willing to execute a bad credit personal loan. Do not worry, there are plenty of them. The first thing you need to do is establish a solid budget. Figure out how much you can pay for a loan every month after you have met your usual obligations. Figure out how much you need. Free online calculators exist to help you figure what monthly payments would be for loans of a particular amount at certain interest rates.
Gather your credentials. Having all your documentation in order will speed the loan application and approval process. You will need to offer up to two government issued forms of identification as well as proof of residency. Lenders like to have an active bank account, preferably a checking with direct deposit. Most importantly, you will have to prove length of employment (3 months minimum, sometimes higher) and an acceptable salary.
Your next step will be to go online
Punch the key phrase - personal loan - into your web browser. You will be awarded with any number of lenders willing to advance you the funds you need. You will also find brokers who will take general information and find those lenders most likely to lend to you based on your fund requirement, the interest rate you would like to pay, and the repayment terms you would find most comfortable. Be prepared to accept higher than market interest rates because of a poor credit rating.
Just be sure to protect your identity and financial information as you would with any other online transaction. You should thoroughly check out any lender before you give the company your business. The online listings of the Better Business Bureau will give you ratings and customer feedback. You may also check online personal finance forums to see what kind of experience other folks may have had with a particular lender.
Get the funding you need
With a little bit of care and forethought, you should be able to find the funds you need at a price you can afford.
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