Can You Get a Loan If You Have Bad Credit?
Has the car broken down? Does the baby need a new medicine? Has a bill suddenly come due? Any of these things can happen to anybody, and they often require an infusion of cash immediately. How can you go about getting the cash you need if you have bad credit or no credit. You will have to consider taking a loan for those with bad credit. Of course, you need to understand exactly what a loan for those with bad credit is and the best way to go about getting one.
Times Are Tight But Lending Is Good
Do not even consider going to a traditional lender such as a bank or credit union. They rarely make small cash loans, and if they do it is because the borrower has a good steady income, low debt load, and squeaky-clean credit scores. So many people have taken bad hits on their credit scores because of these financially unstable times, private lenders have stepped in to lend where the traditional lenders will not. These lenders will charge rather high interest rates and will often ask for quick repayment, but if you are armed with a little bit of knowledge, you should be able to make a good deal to get the cash you need.
Before You Go Shopping
You will need to have bona fide government, picture identification. You will need your social security card. You will need pay stubs or a bank direct deposit statement. Lenders like to see steady employment of at least three months. You will need proof of residency such as a utility bill with your current address. Lenders like to see a bank account, usually direct deposit checking. Once you have your credentials gathered, you can start shopping.
Go Shopping for Your Loan for Those with Bad Credit
You may see lenders in our local neighborhood, but your best bet would be to go online. If you punch personal loan for those with bad credit into your browser, you will find pages and pages of lenders who may be willing to lend to you. Personal loans for those with bad credit are usually available from $100 to $1500 depending on your income.
Pick and Choose
Since you have all those lenders in front of you, you should shop to find the ones with the lowest interest rates and the most comfortable repayment terms. Personal loans such as this often require repayment within 2 weeks to a month. Your lender will provide the details. Sometimes, if you cannot pay within that time frame, you can roll the debt over into the next term, but be careful. That will incur more fees and interest rates and you could soon find yourself in really bad debt.
Help Beyond Getting a Loan
If you find yourself in a situation where you need to take a personal loan more often than you like, you may want to approach a financial adviser who can help you sort out the some of the problems that you may be confronting on an all-too-often basis. Constantly taking out high interest personal loans can really suck the money out of your financial well-being. Many church, civic and governmental groups offer such services.
Go For It
If you know what you are doing, just remember that the more loans you take out and the more faithfully you repay them, your credit history is going to get better and better. This will allow you to request loans in larger amounts if you need them. If you keep your payments on time and steady, you will build your credit history to the point you may no longer need to go for small personal loans.