Weekly Tip June 12: How To Get a Loan With Bad Credit

<span>Weekly Tip June 12:</span> How To Get a Loan With Bad Credit
  • Opening Intro -

    If you have bad credit, it might be hard for you to get a loan approved from bank or a money lender.

    This is because poor credit is an indication of the fact that you have defaulted on payments in the past and thus any bank will not be ready to risk their money with you.

-------------------------------------

However, there are certain ways you can increase the chances of loan approval even with bad credit. This post summarizes the different methods to get a loan even with bad credit.

  • Appeal a Co-Signer with Good credit Score

    If you do not have a good credit score, you can take the help of friend or relative with good credit score. All he needs to do is to co-sign the loan papers. The banks will generally accept such loan requests as it is backed by a person with good financial condition. If you fail to repay the loan, the bank can recover the loan from the co-signer.

    Again, if he also fails to repay, it will affect his credit rating too. At such, you should tell him the whole situation with all the details before getting the loan sanctioned. There is no point in affecting your personal relation by hiding the details. Thus do not try to make fool of your friend or relative just to get the loan approved.

  • Peer to Peer loan

    Peer to Peer is a platform that connects borrowers and lenders. It is a win-win situation for both the parties as the borrowers get the loan at less interest rate. On the other hand, there is a chance for investors to get good return on the money invested.

    If you want to borrow money from the Peer to Peer loan platform, all you have to do is to put a listing on the website with all the details. Thereafter, the lenders interested in the listing will contact you. It is obvious that these lenders will also see your credit score but they are not that strict like banks.

  • Take loan from Credit Unions

    Credit union is a group of members that are generally working with each other. A credit union provides loan to people and charge some interest. The profit from every deal is passed on the members of the union after deducting the other charges.

    It is a good idea to compare the interest rates of different credit unions before choosing one. You have better chances of getting the loan approved even with bad credit from the credit unions.

  • Take a loan from Family and friends

    If you are not able to get loan using any of the above mentioned methods, the best option is to get a loan from friends or family. The biggest advantage of this approach is that they are not going to check your credit history or financial condition.

    But you must remember that even if you take loan from them, you owe them the loan amount. Not paying the loan on time can not only spoil your relationship with the person but can also cause legal issues.

Money Management reference:

repairing your credit

Bestseller No. 1
How to Remove ALL Negative Items from your Credit Report: Do It Yourself Guide to Dramatically Increase Your Credit Rating
419 Reviews
How to Remove ALL Negative Items from your Credit Report: Do It Yourself Guide to Dramatically Increase Your Credit Rating
  • How to Remove All Negative Items from Your Credit Report
  • Riki Roash
  • CreateSpace Independent Publishing Platform
SaleBestseller No. 2
Repair Your Credit Like the Pros: How credit attorneys and certified consultants legally delete bad credit and restore your good name
133 Reviews
SaleBestseller No. 3
Hidden Credit Repair Secrets: How I Bounced Back from Bankruptcy
258 Reviews
Hidden Credit Repair Secrets: How I Bounced Back from Bankruptcy
  • Used Book in Good Condition
  • Mark Clayborne
  • CreateSpace Independent Publishing Platform

Last update on 2017-12-11 / Affiliate links / Images from Amazon Product Advertising API

Helpful tip? Leave us a quick comment below.
And please share this tip with friends and family.

-------------------------------------------------------------------------------------------------------------

end of post idea

-------------------------------------------------------------------------------------------------------------

Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.

Categories: Weekly Sunday Tips

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload CAPTCHA.