Finding a Loan With Bad Credit

Comments (19)


Finding a Loan With Bad Credit

By: Colin McDougall

No matter what your credit history is the simple fact is that at some point in your life you will need a loan. If you have a few black marks on your credit report and you are feeling that your bad credit will not enable you to qualify for loans, do not feel despair because there are banks that will lend to people in your situation.

If you are seeking a bad credit personal loan there are a few things to consider. Since you are looking for a loan and you do have poor credit you should make sure that your loan will be reported to the major credit bureaus. It is important to check that your loan reports to the credit bureaus because this is your chance to improve your credit rating. I mention checking that your loan will be reported because many people will obtain something like a prepaid credit card thinking that this will help build their credit rating when this is actually not a loan, it is actually a debit card that carries a credit card logo.

Finding a lender that offers bad credit personal loans is not a problem because there are millions of people in the same situation as you who have had credit problems in the past but now have a different situation possibly because of a better job and can now afford to make their loan payments but that bad credit rating is still haunting them. Bad credit personal loans are becoming more and more competitive because of the fact that we are living in turbulent times and people have run into credit problems. While this industry is quite competitive and you will find better deals than a few years ago, you will still pay a higher interest rate than somebody with good credit because bad credit personal loans are still viewed as high risk to financial institutions.

Before you apply for a loan you will want to make sure that you can comfortably cover the payment, this is your opportunity to get your credit back on track - don't turn this into a situation where your credit will end up worse than it was. It is important that you pull out your pay stubs and review all your living expenses such as rent, car (gas, maintenance, insurance, etc), food, utilities, clothing and all other living expenses and make sure that you are not going to over-extend yourself. It's too easy to put yourself on the road to financial ruin, always remember to be responsible with your debt load and that banks will lend you money to the point where you will be dependant on loans of the rest of your life - after all that's the banks business is to make money from loans. I personally have never taken out a loan to the maximum of what a bank will lend as it is almost always too much because they usually calculate your loan on before tax dollars and the fact is you need to live off of after tax dollars.

About The Author

Colin McDougall is the editor of the credit review site, Only the best credit cards online. You can visit this site at http://www.only-the-best-credit-cards-online.com/


mcdoog2112@shaw.ca

Comments

malaret2 21.07.2006. 18:23

Where can I find a Personal Loan with a really bad credit score? Where can I find a Personal Loan with a really bad credit score?

I have a good paying steady job with the best job security(i'm in the Military). im in debt but only because i have all these bills in different places and not enoughf money to pay for all of them, if i had a personal loan for about $5,000-$8,000 i would be more then ok.
My problem is that my credit got really bad(horible) and i have tried just about everyplace online to find a loan, at this point im kind of desperite, i would pay an extremly high inteset rate just to get a loan.
Any ideas can anyone help?
For all those who are Ignorant like HeatherLyn im want a loan to consolidate my Expensise not just spend my money freely...and i am in the military...please people read before you answer and keep your ignorant comments to yourself

malaret2

Admin 21.07.2006. 18:23

You have many choices: borrow money from a friend or family member which can be a hardship, (pay them back) or fix your credit.

First thing I think you should do is to to restablish you credit. Unfortunately, not many financial institutions are going to be able to help you especially if you credit scores are really low. I've been there and believe me its not easy. Don't go get any payday loans either, it will only make it worse.

My advise is if you have a bank account ask to open up a secured credit card. You give them $300 (for example) to open a line of credit. Remember you are using your own money to rebuild your credit so pay it on time! (everytime you pay your bills on time you scores go up)

Usually after a year and if you've made your payments on time you'll receive a unsecured card with the banks credit limit. You've then established a great credit rating and can soon apply for more credit. Just keep in mind not to get yourself in debt again. Good luck!

Admin

Julia 31.03.2013. 03:17

Where to find Affordable Loans for People with Bad Credit? I'm really struggling to get a loan, where can I find loans for people with bad credit? I'm self employed and so i have not always payed bills on time if i have been let down by a customer, but i have always paid debts in the end and I can prove this to any potential lender. I am in a better position now and my income is regular, but something has come up i need to deal with and the money is not there to spare. Can anyone reccommend a place that offers loans for people with bad credit? I need this cash pretty fast.

Julia

nikki 14.12.2006. 19:09

How do I find a guaranteed home loan for bad credit with no down payment and amount of loan not limited? I am trying to find a home loan that I can get that is guaranteed for bad credit regardless of income, no money down payment and amount of home purchase is not limited.. We started into this home with a land contract. We put all of our money into it and now they are selling it right out from under us in just a few days. This has been checked and is legal. Please give me an answer as soon as possible.

nikki

Admin 14.12.2006. 19:09

Hi ,
Am a Mortgage Loan Officer and will be happy enough to get the loan to you .Please contact me at 480.751.4125 or write to me at kishaloy_bhowmick@yahoo.com.
regards,
kish

Admin

Alena 06.05.2013. 01:50

Where can I find Car Loans for Bad Credit - Bad Credit Car loans without the hassle or high Interest rates? Can someone recommend any companies that provide car loans for bad credit that they've had a good experience with? Ive looked online for one but there are so many and I have no idea im looking fo. I asked locally about bad credit car loans and was told to look on the internet so here I am, lol. I've finally gotten my life together after college and now I just need a car to get back and forth to work. Ideally I'd like to get a serviceable car for my daily commute and be able to pay the loan off early to give a boost to my credit. So yeah, can anyone recommend somewhere I can get a bad credit car loan that has a considerable interest rate?

Alena

Admin 06.05.2013. 01:50

My credit score could be better but we all make mistakes.. that's how we learn, right? I researched a lot of bad credit car loans providers when i was buying my second car, but then my sister's friend told me about http://24hrLoans.net and that I could get a bad credit car loan with them that would be recognized by other lenders as a way of rebuilding my entire credit score. Initially the loan rate they will give you reflects how bad your credit score is but as you repay the loan youll gain trust and they will be less strict about your interest rate. It really won't take you more than a year to fix most credit issues.

Admin

angel6 30.07.2007. 20:25

Please How Can I get a personal loan for Bad Credit in Canada? hi actually I have a bad credit score and I'm in need for $5000 to pay off my creditors so I can improve my credit score. I tried reasoning with my creditors to pay the money that I owe them in monthly payments but they refused since I've been avoiding this problem for some time now, so they told me that I have to pay them off at least half the outstanding balance, so now I want to get a loan so I can pay them in full and then finance the loan, but I can't seem to find a loan for bad credit any where here in canada?? can some one please help me out here, please I'm desperate

angel6

Admin 30.07.2007. 20:25

There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements.

Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on.

http://www.axalda.info/bad-credit-loans.html

Admin

Aaron 23.01.2012. 07:50

Where online can I find a personal loan with bad credit and no bank account? I am in desperate need of a loan due to unexpected medical bills. I have bad credit and don't have a bank account. The only offers I am finding are for payday loans and cash advance loans that only offer a small amount of money. I need a loan where I could possibly get around $1000. Can anyone help?

Aaron

Admin 23.01.2012. 07:50

Your situation is difficult and, unfortunately, there are no magical solutions. Payday loans and cash advance loans are in general very poor solutions, as they put you in a cycle of paying back more and more debt, at faster rates. If available, they are expensive and do not solve your problems.

Since your poor credit and lack of bank account will not let you take an unsecured personal loan, your only real options are using some type of asset (such as a retirement account) or a personal family loan. If you do take out a payday loan, because you can't find any other option, make sure that you pay the loan back as agreed. Missing a payment will lead to extremely high penalty costs that make it next to impossible to dig yourself out of the hole and can lead to very aggressive payday loan collections http://www.bills.com/pay-day-loan-collection-advice/.

You may want to look into peer-to-peer lending, too. http://www.bills.com/peer-to-peer-loan/

Admin

mj29@sbcglobal.net 04.04.2006. 18:36

Does anyone know where you can get a personal loan with bad credit? I have bad credit and I want to get a personal loan of about 3-5000 but I keep getting denied. I want to pay off bills and just have the loan to pay off to get myself back on track. I have heard people say they can get a loan with bad credit but I cant seem to find anyone to help me.

mj29@sbcglobal.net

Admin 04.04.2006. 18:36

Try going to a credit union. They usually will let you sign for an unsecured signature loan if you at least have a steady job.

Admin

Lucas 06.07.2013. 02:27

Best Place to Get Online Personal Loans for People with Bad Credit without high APRs or credit check? I am looking for online personal loans for people with bad credit, could anyone share their personal experiences of these? I missed a couple payments when I relocated for a new job, there was a delay in getting my next paycheck so my credit took a dive because of it. I still need to finish getting our new home furnished properly and a small loan is really the only option right now. I want to find a loan that reflects my circumstances, my bad credit is down to bad timing afterall. I know that some online personal loans for bad credit have a bad rep for having unreasonably high APRs but there must be some that are reasonable and would help me get my credit back on track quickly?

Lucas

Admin 06.07.2013. 02:27

These guys are brilliant! http://Liberty-Loans.net In fact I used them myself when I was waiting for a paycheck and they saved me from getting my credit completely trashed. I can see you are trying to avoid long term debt. They do small bad credit personal loans you can repay quickly, and they lend to people who have differing degrees of credit issues so the interest rate they offer you will reflect your situation. I've had three small loans myself that I have repaid on time, easily and this has upped my credit rating to the point where I can now get a mortgage. Their customer team are great and the site is well presented. It's easy to check if you qualify for a bad credit personal loan. you can complete the process online, they will let you know almost instantly if you qualify for a loan and the money is with you the next business day, it's that simple.

Admin

Alicia 10.02.2009. 16:34

Is it possible to get a student loan with bad credit and no cosigner? I am trying to get approved for a student loan with bad credit and without a cosigner. I had to drop 2 classes this semester because I couldn't pay for them. If you know of any banks that I could get approved at or any helpful information about getting approved for student loans that would be great. Thanks.

Alicia

Admin 10.02.2009. 16:34

Have you already applied for FAFSA (stands for Free Application for Federal Student Aid) and Stafford loans? Either or both of those options should have provided you with enough money to at least pay for tuition and books. If you haven't, go to http://www.fafsa.ed.gov/ and fill out their application. You'll need your previous year's tax and income information, as well as your parents' info if you are considered a dependent. After you submit your FAFSA, the government will crunch your numbers and determine if you qualify to receive any of their loans. If you don't qualify, go to your school and fill out an application for Stafford Loans. They're loans provided by the government and just about everyone qualifies for them.

If you do have the Stafford Loans already and need more money, have your parents apply for the Parent PLUS loan. If they're approved, you get more money for school. If they're denied, you can apply for an additional $6000 a year from your Stafford Loans ($3000 a semester), but they must be Unsubsidized. Unsubsidized means that the government won't pay any interest that accrues on your loans while your in school (with a subsidized loan, the government pays the interest for you). You don't have to pay anything while you're in school, but the interest that your loan accrues will be tacked onto the loan.

Private student loans should really only be used after you've exhausted all of your other options - Stafford Loans, FAFSA, Parent loans, scholarships, etc. In this economy, banks are extending less and less credit, so you will probably continue to find it impossible to get approved. The best thing I can tell you to do is go down to your school and make an appointment with your school/financial aid counselor. Explain your situation and they'll give you all the information, advice, and tips you'll need to get more money to go to school. There are a lot of options out there for students, you just have to search really hard for them.

Good luck.

Admin

Thomas 26.04.2013. 18:19

Best place to get Personal Loans for Bad Credit without unreasonably high APRs? Im looking for personal loans for bad credit, could any one share their experiences with these? I missed a few payments when I relocated for a new job because there was a delay in getting my paycheck and my credit score took a dive because of it. I still need to finish getting our new place furnished properly and a small loan is the only option right now. I want to find a loan that reflects my circumstances, afterall my bad credit is down to bad luck rather than living beyond my means. I know most personal loans for bad credit have a bad rep for having unreasonably high APRs but there must be a few that are reasonable and would help me get my credit back on track quickly?

Thomas

Admin 26.04.2013. 18:19

These guys are brilliant - http://TrueLoans24.com In fact I used them myself when I was waiting for a paycheck and they saved me from getting my credit trashed. I can see you are trying to avoid long-term debt. The site above does small bad credit personal loans that you can repay quickly, and they lend to people who have differing degrees of credit issues so the interest rate they offer to you will reflect your situation. I have had 4 loans myself that I have repaid on time, easily and this has boosted my credit rating to the point where I can now get a mortgage. Their customer team is great and the site is well presented. It's rather easy to check if you qualify for a bad credit personal loan.. you can complete the process online for free, they will let you know almost instantly if you qualify for a loan and the money gets sent to you the next business day.

Admin

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