We all know the feeling. Our credit is not good. In fact, deep down we know it's bad, though we will never admit this to any of our friends.
And now we need another loan. How are we going to find a lender who would be sympathetic? What do we have to do to qualify? Will all our history of bad debt be brought out in the interview?
Well, this is how you can get a bad credit loan.
Steps to getting a loan
First, rest assured your past credit problems will be brought up and discussed by the lender you approach. Sorry. This is how it works. But actually, when you think about it, this is not entirely a bad thing. It will help you become realistic, for starters. And it will make sure the lender does find out something he didn't know after the agreement has been signed, and has to load you up with restrictions. Everything is on the table in those first discussions.
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OK. That's that. Next is the interest rate you'll be offered.
And this is how an informed lender will deal with your bad credit history. If he assesses you as something of a risk he will offer you the loan -- but lock to it a higher interest rate than he would give your friend with a good history with credit. In this way the lender makes himself secure. And this becomes your 'way out of this mess'; simply by agreeing to pay more interest you can get your loan.
This is the magic part of the transaction. Because you have a history of bad credit you are now a risk to the lender. So he will need to cover himself, and he does this by taking a higher payment from you.
The cost of a loan
As well as that he will have higher costs when he processes your application. There will be extra checks by his office against your credit history, and background checks on your loans and repayments to retailers and lending institutions in the past. So application fees might be a little higher than normal.
On top of that closing fees can be higher than normal. Again, because you are a risk and there is some extra work finalizing an agreement with someone like you. So expect some slightly higher fees.
Now at this point, you would be advised to not compare your loan with too many others. Your loan is going to look expensive. The terms are going to appear rather bruising. But stop right there. All this is true. But it is also true that you got to this simply because of your bad credit history. Because of your credit score.
Should you accept a high rate of interest?
But it is also true that only the small, specialist lenders will take on your borrowing. The big institutional bankers and lenders won't look at you. You must deal with the smaller financial companies that specialise in bad credit loans. It is highly likely you will get no other offers, and perhaps none better than the one you have negotiated.
So, accept it. It's a bad credit loan. It has more interest attached to it than you might be used to. But you have the loan you need and your friendly lender has the security he needs and his slightly higher costs covered. So go and find a reputable lender who welcomes people with a bad credit history and you will be able to acquire that loan you need.
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