October 18, 2017

Personal Loans Bad Credit

are you in dire need of a personal loan but you have a bad credit history? don’t you have other sources of loans like friends and family members? do not despair. there is still hope for people with bad credit but wish to get a personal loan. what do you need to do?

  • build your credit score-you need to improve your credit score by improving your spending and credit habits. do not take on loans that you cannot pay over time. loan only what is necessary and what you can afford to pay.
  • there are sources of personal loans even if you have bad credit but the interest rates are higher. this will come out more expensive since your credit score is not that attractive. if however you really need the money, getting an unsecured loan is not impossible if you are willing to bite the high interest rates that come with it.
  • get a co-signer- a guarantor with a good credit record might help. you might be able to negotiate lower interest rates based on the good credit history of the guarantor. however this is risky if you have a bad credit habit and jeopardizes the credit score of the guarantor as well. i’m sure you wouldn’t want to make enemies of a close friend or family member who will vouch for your loan so get a grip on your spending and paying habits.
  • even if you have higher interest rates, negotiate for better terms. some lenders are very competitive and will offer special deals to get your business. you might be able to get lower interest payments per month but spread over a longer period of time.

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these are just some of the things you have to do if you have a bad credit but need a personal loan badly. once you are able to build a better credit history and improve your credit score, you might have a better chance of negotiating. don’t be at the mercy of the lenders though. they still want your business and you can scout around for the best deals. be wiser and learn from your errors.

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