How Can I Get a Bad Credit Loan

Having no credit or poor credit is a major stumbling block to getting a loan because you’re viewed as a high risk customer who might default and leave the lender holding a bag of worms. It’s just a fact that until you raise your credit score, you won’t fit the standard lending guidelines that traditional, big banks have to follow.

It’s hard to get a loan with bad credit. Options are limited, and borrowing is more expensive. If you’re trying to get a loan with bad credit, do some homework before you get a loan. It’s easy to get into expensive traps, and there are a few things you can do to improve your chances.

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Types of Loans Available for Individuals with Bad Credit

• Unsecured personal loans are available with higher interest rates since these do not require any collateral to secure the loan.

• Bad credit personal loans offer access to fast cash when it is needed.

• A personal loan for a limited amount will usually be available to individuals with poor credit. Some institutions will not require a credit check for loans of small amounts, and the money will be available quickly.

 Compare quotes obtained from different lenders before you decide. Online reviews can help you to assess the standing of the lenders. Read the terms and conditions carefully before you sign up for a loan. Remember, if you get the feeling that an offer is too good to be true, you are probably right.

 

Thankfully, if you do find loans for people with bad credit to be your only option then the chances of you being approved are very high. No thorough credit checks are performed, which means that when you enter your information, you will be notified in seconds whether you have been approved. If you are approved then the money will be in your bank by the next working day, which makes loans for people with bad credit a really speedy solution.

 

Loans for people with bad credit are subject to the specific terms of each state, so make sure you check your own state laws. Loans for people with bad credit give you a real lease of life when you need it most.

Prepare for a Loan

Experts say the credit crunch is loosening. But to get the best interest rate on your car loan, your credit score needs to be as high as possible. These days only about 10 percent of applicants qualify for the zero- or low-interest promotions offered by manufacturers.

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It’s a great idea to start working on improving your credit score several months before you apply for a big loan, whether you are buying a house, refinancing or buying a car. Boosting your score could help you qualify for a lower loan rate and save you thousands of dollars over the life of the loan. Of course, paying your bills on time has a big impact on your credit score, so be particularly careful not to miss any deadlines before you apply for the mortgage. Here are other strategies (and a timeline for taking them) that aren’t as obvious but can also make a big difference.

When you make your application, the mortgage lender look for three main things: a steady income, a down payment, and a solid credit history. Checking your credit report will let you see if there’s anything that’s hurting your credit. You never know which credit report the bank will pull, so check all three of them. You can get a free copy of all three credit reports at AnnualCreditReport.com.

Mortgage lenders need to be convinced that you’ll make your payments on time. Outstanding delinquencies will kill your chances of getting a mortgage. Pay off all accounts that are currently delinquent before putting in a mortgage application.

Go over the reports carefully, making sure it's 100 percent accurate. Follow the instructions that accompany the credit report to correct any errors, especially ones that relate to late payments, credit limits and balances carried and length of time each account has been open, as these are the items that have the greatest impact on your credit score and your car loan. After checking your free credit report for errors, buying one report with a credit score is a good idea.

Avoiding Loan Scams

While SFC is committed to integrity and transparency, there are scam artists out there taking advantage of good people daily. We’re here to help you succeed and learning how to avoid personal loan scams is a critical step in protecting what’s yours from those who would trick you into giving away your money right when you need it most.

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When learning how to avoid personal loan scams, it helps to know some of the most common ones out there so you can see them coming a mile away:

 False Lending Companies

Reputable financial institutions will have clear, active contact information including a physical address, phone number, and a website. If you cannot put a company on a map and call them directly, be wary. You should always be able to follow up with a lender if anything goes wrong...or be sure the police can.

Blank Documents

Much like blank checks, blank loan documents can be very dangerous. Always make sure that you thoroughly discuss your personal loan with your lending agent and that the paperwork reflects all the necessary details before you sign it. If it doesn’t detail the loan amount, the specific terms, your monthly payment, and your interest rate, don’t sign it! Scam artists with signed, blank documents can fill in whatever they want regardless of what you discuss with them. Be sure it is all in writing before signing.

 

Do some research. If a site or an offer ever looks fishy, make sure to do research on the company before providing them any of your information. All secure lender or lender searching websites will be very clear about their privacy and security information. They will most likely provide a Better Business Bureau (BBB) seal and feel free to call the BBB to check on their business complaints. Also, most sites will provide a phone number, email or address for you to contact if need be. Be wary of sites that do not have a method of contacting the business directly.

 

Beware of companies requesting your social security number, bank account number, or credit card number without providing you any written documentation on the loan. Avoid giving out sensitive information over the phone unless you initiated the call to a business you know and trust.

Personal Loan Scams

Advance fee loan fraud takes advantage of the most vulnerable members of our society. These leeches often promise large unsecured loans to people who are unable to have a loan approved through traditional financial institutions, or take advantage of trusting souls with little financial experience. Armed with a smooth-as-silk sales routine and a complete lack of conscience, these scam artists often steal amounts that range from hundreds to thousands of dollars from unsuspecting consumers. Adding insult to injury, these losers often gather enough personal information from their victims to make them candidates for identity theft. Don't become a victim! Please review and share the tips below.

 

Unfortunately it seems like whenever any new legitimate internet business pops up, two internet scams are soon to follow in its place. The cyberworld can be a scary place for anyone, especially when you are supplying sensitive and confidential data. It is important to know how to tell a personal loan scam from real legitimate online lenders.

 

Here are a couple of things to be aware of when applying for personal loans.

• Check for valid security certificates (SSL)- Not every page on a website will a have a link to the security certificate but the page that you actually submit information through should have a valid link to the security certificate- example would be VeriSign secured- this will also inform you of the owner of the website.
• Check for other links (not just graphics) to the BBB, McAfee/Norton, and other security companies like Truste and thawte.
• Legitimate payday loan sites should also have a privacy policy and safety and security guarantee listed on their website.
• Also there should be a number, email or form provided if you need to contact that company for help. Feel free to call them and ask them about their security measures, or the above items, before submitting your data.