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Loans with Bad Credit – Is It Even Possible?
So, maybe you haven’t had the opportunity to build a solid credit rating yet, or maybe you missed a couple of payments on a loan you currently have. It happens. You have come to grips with the fact that you have a bad credit score. You need a loan. How do you get a loan with bad credit?
Just because you have a challenged credit history doesn’t mean that there aren’t options for getting the loan you need. The key is to make sure you can repay the new loan so you don’t find yourself deeper in the hole. Here are some options for you to get the loan you need if you are in a bad credit slump.
There are lenders out there that deal with nothing but loans to consumers with bad credit. You will pay a higher interest rate than someone with a better score, usually in the 20% range, but it will give you the money you need. Getting a loan of this type and paying it back on time will also help you rebuild your credit score.
If you are a homeowner and you have equity built up in the house, You may be eligible for a home equity line of credit. With a Home equity line of credit, you are basically borrowing the money using the value of your house as collateral.
Peer to Peer loans popped up online around 2005. With Peer to Peer (or P2P), you are borrowing from another individual, not a bank. On the P2P platform, you will make a listing telling the potential investors how much money you need and why you need it. Your credit score is also listed as a part of your listing. Banks look at numbers. A lot of times it doesn’t matter to them if your furnace went out in the middle of winter. If the numbers don’t add up, You don’t get the loan. With P2P, You are dealing with another individual. That individual may see your need and take a greater risk. What is in it for the lender? There is still interest on the loan. It isn’t as much as you would pay on a credit card normally, but it is better than the lender can get in a bank account.
Family and friends may be able to help you out. Especially if you are in a tight spot. If you are taking a loan from Family or friends, treat it just like you would any other loan. You don’t need bad credit and strained relationships.
You could also look for a co-signer. With a co-signer, they will take the credit score of the person signing with you on the loan into account. If you default on the loan, the responsibility falls completely on the co-signer.
As I said before. Things happen. Life Happens. People miss payments. It doesn’t mean they are bad people. They just have a bad credit history…right now. Credit scores can be fixed with time and a commitment to make your payments on time. If you need that loan now and you are asking the question: how do you get a loan with bad credit? As you see from what we discussed above, you have options (such as payday loans and other options).