Such a statement is absurd, especially in these rough economic times. With the jobless rate soaring and financial markets in turmoil around the globe, just about everybody has taken some hits on their credit histories. Some have gotten it worse than others. If you find yourself in a bind, if you need some scratch to cover a forgotten bill, if the car has decided it needs a new radiator, or if you just need some cash to tide you over until payday, you should consider taking out a personal loan for those with bad credit. While having a good credit report makes borrowing much easier, you can find lenders who specialize in such loans.
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Prepare Yourself
The first prudent thing to do before going after your personal loan for those with bad credit is to prepare a budget. So many people do not realize how much they actually spend each month. You need to list your monthly income from your job and other sources. Then you need to make a list of all the obligations you must pay on a monthly basis. Do you have enough left over to make another monthly payment? Or, if it is a short-term loan, will you have the wherewithal to pay it off? This is your debt-to-income ratio and it will be what your lender will want to see. It will actually be more important than you credit scores. And, while you are at it, you may as well get your credit scores pulled so you can see just exactly where you stand. Also, this will give you a chance to clean up any false listings. It is not unusual to find errors.
Get Your Stuff Ready
Before you embark on your search for a personal loan for those with bad credit, you need to gather up some documentation. You will probably need two forms of identification recognized as valid. A driving license, a state identification card, a military identification, passport, etc. You will need proof of job and salary; this could be pay stubs or a couple of direct deposit bank statements. Lenders like to see at least three months on the same job. You will need a current, valid banking account; bank statements could prove this. Lenders prefer direct deposit checking accounts so that they can put the loan funds directly into the account. You will need proof of residency; a utility bill with an address that matches identification or employment records should suffice.
Finding a Personal Loan for Those with Bad Credit
If you have been with a credit union or a bank for a significant period of time, you may want to approach them first. But their standards have become very tight, making it hard for even those with good credit to secure a loan from them. Your best bet would be to find a lender online. Point your browser to Personal Loans and you will be rewarded with pages full of lenders willing to make personal loans for those with bad credit. Find four or five lenders who seem to be offering the lowest interest rates and the most comfortable repayment terms. Then you need to check each of these out by looking in online personal finance forums. Or, peruse the online listings from the Better Business Bureau. The BBB grades each lender and offers feedback from previous customers.
Two Types of Loans
You will find unsecured and secured personal loans for those with bad credit available. Secured loans require that you put up property of value. This collateral can be seized by the lender should you fail to repay. These loans often offer lower interest rates and larger loan sums since the lender has some security. Unsecured loans, the most commonly granted, require only your promise and your signature. Thus, interest rates tend to be higher and loan amounts smaller.
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