Getting a loan with bad credit can be tough, but there are some steps that you can take that will make a huge improvement in your odds of getting approved. It takes a bit longer than just going out an applying, but it will take a lot of the pressure off of your bad credit. There are tons of different ways to do this, but these are the steps that I did to get a loan, even though my credit score was bad.
The most important thing to do when looking to get a loan is to figure out how much you really need. Without an exact number, you will probably end up borrowing too much or too little. This is especially true with personal and car loans. You need to budget the amount you are going to borrow, or else you'll pay interest on money that you didn't need in the first place!
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One of the best ways to improve the odds of getting approved for a bad credit loan is to offer collateral. This takes the pressure off of your credit score, and shows the lender that you aren't messing around! The most common form of collateral is a home, but it can also be a car, boat, jewelry, or anything that can be given a value. Obviously, if you don't pay the loan back they will take whatever your collateral is, so be sure to pay everything back. This will also help to lower your interest rate from extreme bad credit rates down to normal.
Make sure that there aren't any errors on your credit report. Clearing up reporting mistakes can give your score a huge boost in a very short period of time, and help you get a good loan at a fair price.
If you can, get a cosigner who has good credit. This will streamline the entire process, and allow your credit score to become nearly irrelevant. The problem is that if you don't pay the loan back you're screwing yourself and whoever was the cosigner on the loan. This isn't a big deal if you pay the loan, but you are risking the relationship with your cosigner when you do this.
Getting a loan with bad credit isn't tough at all when you follow these steps. There are banks out there that want to loan you money, it's just a matter of getting everything together on your end before applying. Take care of what you need to do first, and getting the loan will be easy.
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