Life can sometimes throw lemons at us and demand that we make lemonade the best way we can. An unexpected breakdown of your car, a massive tax bill to the Internal Revenue Service, or even a broken washing machine can leave you looking high and low for the best personal loan out there. Unfortunately, for those individuals who have bad credit, the search is sometimes over before it begins - as they frequently find lenders saying, "no, never, absolutely not", when they apply for a personal loan. A bit of research, however, reveals that there are banks and institutions that cater specifically to those with poor or bad credit - providing much needed funding for those that others turn away without a second thought.
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A personal loan is an unsecured loan - that means that unlike a mortgage or a car loan, there is no collateral securing the loan. Personal loans are risky to lending institutions; their very nature makes them harder to get than most loans, especially for those with blemished credit.
Applying For Your Loan
The first step in determining if you qualify for a bad credit personal loan is to fill out an application. The application will typically require your full name, Social Security number, income and employment information, and other identifying documentation. A loan officer will determine your credit worthiness based upon your FICO credit score, although certain types of personal loans are now available without a credit check. These loans, however, usually do not exceed $1000.
You can make your application appear more approvable by borrowing a smaller amount initially, or by agreeing to more payments over a longer loan life. By making your payments lower, the loan looks more appealing to lenders - and this increases your chances of approval.
Proof of a steady income is a must for a bad credit personal loan. Holding the same job for a long period of time improves your chances of getting the cash you need.
Easy Loan Process
Because personal loans require no formal closing, the period of time from application to approval is a relatively rapid process which consists of the application, promissory note, and schedule of payments. The paperwork is greatly decreased for personal loans, which makes these types of loans less of a hassle than a traditional mortgage or car loan.
Online Solutions For Bad Credit
There are many great financial institutions that offer bad credit personal loans online via the Internet. By applying online, you can compare rates with different lenders before accepting the loan. There are also many sites that offer comparison shopping for your bad credit personal loan. Some of the lenders that participate in this type of service actually compete for your business, which can make your rate of interest substantially less than the standard bank can offer.
Personal loans for those with bad credit may be for as little as a thousand dollars, or as much as twenty-five thousands dollars. The term of the loan may be as little as a few months to as many as seven years. A word of caution: be careful to borrow only what you need and what you can afford so as to not further damage your credit. Repayment of your bad credit personal loan can help you to improve your credit score. Many borrowers who successfully repay their loans find their credit scores improve a great deal in as little time as a year or two.
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