Bad Credit Loans
As stated, you can get a personal loan for just about anything, even if you have bad credit. However, there are things lenders want to see before they issue a loan to you which include:
- Lenders will want to see that you have a decent job and have worked at the job for awhile. This shows stability.
- Lenders will want to determine if you can afford to repay the loan pay looking at your budget.
- Lenders will charge you an interest rate (sometime much higher) than someone with good credit.
- The amount you can borrower will be lower than someone with good credit.
- The amount of time to repay the loan will be shorter than someone with good credit.
- Wait for negative items to fall off your credit report.
- Save money instead of taking out a loan
- If you own a home, take out a line of credit (HELOC)
- Work on repairing your credit:
- Remove wrong information from you credit history
- Payoff outstanding debt
- Start paying all your debt on time