i have bad credit and i need a loan

i have bad credit and i need a loan

Personal Loans For People With Bad Credit Or No Credit

Bad credit or no credit makes it tough – but not impossible – to get a loan. Credit unions, home equity and peer-to-peer loans or even debt consolidation with no loan could improve your credit rating and increase your future options.

Personal Loans For People With Bad Credit Or No Credit

You may have seen it on a sign somewhere or possibly on your TV or computer screen: “No credit, no problem!” Don’t believe it. The truth is, when you need to get a personal loan and you have no credit or bad credit, there definitely is a problem. It’s not an insurmountable one, but it is a problem nonetheless.

Having poor credit makes you a high-risk customer to major banks, credit unions and other major lending institutions. Those lenders have strict standards, and they rely on credit scores when picking their borrowers and calculating loan terms. Unless lenders are assured that their loans will be repaid, they simply won’t make the loan. In addition, heightened regulations and tighter internal controls by lenders in the wake of the Great Recession make today’s lending climate a tough one for borrowers.

So when your credit is bad, you may feel like you’re at the mercy of payday lenders and other sources of financial help, sources that will only loan you money if you agree to repay it at high, or “subprime,” interest rates. These loans are fool’s gold. They often you leave more in debt than you should be. In fact, payday loans are illegal in 13 states because of their predatory terms.

To understand how your credit affects your personal loan options, the best place to start is to understand your credit score. Free credit scores are now available at several online sites.

The National Foundation for Credit Counseling says that 60% of Americans haven’t checked their score in more than a year.

Some common signs of a bad credit score include:

  • You are paying higher interest rates than you see advertised
  • You have stopped trying to pay down debt and are satisfied making minimum payments on high interest credit cards
  • You have a history of late payments for housing, utilities or other monthly bills
  • Your checking account is overdrawn on a regular basis
  • You have problems getting a lease for housing
  • Cell phone companies won’t give you a contract

All of these have a negative effect on your credit score, making it more difficult to get a loan. Don’t get sucked into a situation that sounds too good to be true. If you have bad credit and need a loan there are options available but it will take a little time and research to find the one best suited to you.

Credit unions are similar to commercial banks in terms of their services, but they are owned by their members rather than by profit-seeking shareholders. Credit unions are nonprofit institutions, meaning they pass their earnings along to their members in the form of lower fees and borrowing costs and better customer service.

A credit union – especially one affiliated with your employer or one that is community-based – may be willing to look beyond a poor credit history and make a judgment about whether it will loan you money based on your character and your promise to repay, regardless of if you have bad credit or not. Think of them in the way you would a small community bank from years ago.

Although the recent recession forced a number of smaller credit unions around the country to merge with larger ones, almost all credit unions are actively looking for borrowers. If you can afford terms that match your credit history, you are likely to find a credit union somewhere willing to work with you.

If you are thinking of asking a credit union for a personal loan, look for one with which you have something in common. For example, if you are a veteran of the armed forces, you might want to approach the Navy Federal Credit Union. If you are a teacher, there are credit unions created by and for members of that profession.

By joining a credit union, you could position yourself for much more favorable loan terms, regardless of your credit score.

The Navy Federal Credit Union caps its personal-loan annual percentage rate (APR) for members at 18% — and that holds true even if your credit score is 600 or less.

In the same credit situation, a bad-credit borrower might receive a 36% APR from another lender.

Let’s say you have a three-year, $10,000 loan. Here is the total repayment:

The chance to save more than $3,000 makes it worth looking into enrolling in a credit union.

In Shakespeare’s “Hamlet,” the character Polonius admonishes his son Laertes to be “neither a borrower, nor a lender.” While this advice is prudent when dealing with strangers, it might be even more judicious if you’re thinking about borrowing from family members or friends. Not repaying a loan to a relative or close associate can poison relationships in ways that go far beyond a bad credit report.

Nevertheless, sometimes those closest to you are your best sources of funds and a family loan can benefit everyone involved. You should always treat any loan from someone you know just as if it were an important business transaction between you and a stranger. That means it should be formalized with clear documentation and legally recorded. To avoid future problems, create a written contract that includes the loan terms and interest rate, and what will happen if you cannot repay the debt.

If borrowing from a friend or relative is not possible, you can still approach someone with good credit who trusts your capacity to repay the loan and you can ask him or her to be a co-signer on a personal loan from a traditional lender. With a qualified co-signer, the lender will set the loan terms based on the credit score of the person with good credit, who will then be equally responsible for repayment. All payment information will be recorded on both yours and your co-signer’s credit reports, so if you default on the loan, or you’re late with payments, you will severely damage your co-signer’s credit score. However, if you make timely payments, your own score will improve, making it easier to obtain future loans without a co-signer.

If you have equity in your home, you can apply for a home equity loan or home equity line of credit (HELOC). Home equity is the difference between the amount your home can be sold for and your mortgage. Your home is used as collateral, and home equity loans can be obtained regardless of your credit score. The interest rate is usually low, because the loan is secured by the home. Also, the interest you pay on a home equity loan is usually tax-deductible.

Unlike a home equity loan, which is a lump sum of cash, a HELOC acts like any other credit account. You can access money when you need to, up to the loan’s credit limit, and you must pay it back according to a predetermined schedule. In both cases, it is important to remember that tapping your home equity puts your property in jeopardy if you don’t repay the debt. But if you are disciplined and have a reliable source of income, it is an inexpensive way to borrow from a reputable lender if you have bad credit.

One of the benefits of a home equity loan or HELOC is the extended loan term (15 or 30 years). The long term will substantially lower your payment, though you will pay more in interest over that time period.

Peer-to-peer lending, also known as person-to-person lending, is a relatively new loan form, having only been around since 2005. It’s an online platform that allows you to borrow directly from another individual rather than from an institution. Potential borrowers can post a loan listing on various peer-to-peer websites, indicating the amount wanted and what it’s for. Investors review the loan listings and choose the ones they wish to fund.

Your credit score is still a factor, but since an individual investor has much greater leeway in how it is to be weighed these loans are often more readily available for people with bad credit. Lending standards are significantly more lenient and interest rates are usually lower than those offered by traditional lenders. In addition, peer-to-peer websites help evaluate risk for the lender, while verifying the lender’s credentials for the borrower.

I Need A Loan But I Have Bad Credit, Who Will Give Me A Loan?

Being an adult in the 21st century is hard, especially with the Great recession’s effect being experienced by all. If you are someone with a poor or yet non-existent credit score, you have probably asked yourself the above question already.

In all honesty, getting a personal loan when you have bad credit is quite difficult. There is no way I can sugarcoat the truth for you since it is a fact that lenders will see you as a high-risk borrower.

Sometimes, the risk might be too high for them to take and that is where the problem starts. However, don’t lose all your hopes yet.

If you are in an “I need a loan but I have bad credit” situation, there are still some ways through which you can get a loan. I know how demoralizing it can be when the big banks turn you down, but they are not the only option for you.

However, before I explain the 5 ways to get a loan when you are in an “I need a loan but I have bad credit” state, keep in mind that these are options that you should use as your last resorts.

You should always try to work towards having a good credit score, and if you are lucky enough to have one, make sure you stay disciplined enough to maintain it!

Without further ado, let’s talk about how you can get out of the depressing “I need a loan but I have bad credit” phase:

5 ways to get a loan when you have bad credit:

· Ask a friend or relative for a loan

When I was going through a bad time, my only backup was my family. I had asked my uncle to give me a loan which I promised to pay back within 5 months and he agreed. Those 5 months were the turning point in my life and I managed to make things right.

Therefore, asking a friend or family can be a valid option, as they are the people who are most empathetic and understanding towards us. However, make sure you can pay it back! Otherwise, you will end up destroying a personal relationship.

· Ask someone to co-sign a loan with you

Sometimes, the people around you might be unable to give you a loan due to lack of cash. However, if someone has a good credit score, he might be able to help you.

If you can convince that person that you will pay the installments on time, and if he trusts you enough, he can co-sign a loan with you.

This means the lender will then set the terms of the loan based on the person with good credit, and both of you will be held equally responsible for the loan. The loan will be recorded on both your credit scores.

So, if you fall behind on payments you will be severely damaging your cosigner’s credit score. Make sure you don’t do that!

Just like banks, Saccos offer loans too. However, unlike banks, they do not do it for profit.

Saccos are owned and run by a group of similar people, such as citizens of the same neighborhood or people of the same profession. Therefore, if you can find a credit union to which you can link yourself to somehow, you might get a loan.

· Try out person-to-person lending

Otherwise known as peer-to-peer lending, this type of loans are online-based. Instead of applying to an institution, you will basically be interacting with a person directly.

The procedure is quite simple: the borrowers have to post a loan listing that consists of how much money they need and why they need it for. The lenders judge the lists based on needs and credit score and select which one they want to fund, but they might overlook your score for a genuine, good-enough cause.

In my opinion, this should be the very last thing you could do.

By using your equity in your home, you can apply for a home equity loan. You are basically giving your home as collateral, which means they will have the right to cease your home if you fall behind on payments.

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Tags: i need a car loan with bad credit, loans from the government, loan risk analysis, payday loans company, online car loan applications

Loans for Any Reason You May Need!

A quick and easy way to get the loan you need today!

Car financing is not always easy when someone has bad credit or no credit at all, but the good news is that we offer car financing to everyone. If your credit history is the reason why you cannot qualify for a car loan, you should know that bad credit car loans are available for individuals that even have a bankruptcy on their credit report.

Like most other types of unsecured loans, when you apply for a car loan, lenders do a credit check that determines the approval or declination of your application. However, with bad credit car loans, it is already known that your credit score is not in good standing but it does not prevent you from obtaining a new car. Lenders will verify your credit score regardless of how bad you say it is.

Your past credit history is not a determining factor to get your car loan approved. Bad credit car loans are based on your actual capability to repay your loan, not on your past financial troubles to repay your debt. If you have an income that is one of the main factors in the process. Lenders understand that sometimes the inability to repay a debt is merely circumstantial and that credit scores can be damaged for default payments that otherwise you would have repaid promptly if “something” would not have happen at the last moment that prevented the payment. Now it is time to put your past experience in the past and get ready to buy the vehicle you need at the present time.

Getting started for a bad credit car loan is easy. There are many options to choose from when it comes to choosing a car or vehicle, and not just how good or bad is your credit history. Lenders can work out together with you to learn what budget you have in mind and what your actual financial circumstances are to find the best financing plan that you can repay with ease.

Some people are afraid to approach a bad credit car loan lender because they know that while their chances are slim, their options to choose a car are limited. Most lenders can work out your credit with the car dealer of your choice. Getting a car loan with bad credit is not impossible, because today more than ever before car loan lenders understand that credit score should not be a barrier to bring people and cars together. The car of your dreams is closer than you think with our financing options.

I Need A Loan But I Have Bad Credit And No Checking Account-Types Of Loans I Can Get With Bad Credit

Types of Loans You Can Get Even With Bad Credit

Need a loan for something but don't know if you will qualify because your credit is bad? There are many types of loans that do actually do qualify for even though you do have bad credit. Some require a co-signer and others do not but just because you have bad credit doesn't mean you shouldn't apply for a loan when you need cash to complete your goals or for emergency reasons.

Between 15 to 25 % of population has bad credit and hence these loan providers this sector of the population because you still need to get stuff done and they still need to make money. Don't think they are doing you any favors by giving you a loan even though you have bad credit. They are in business to make money and they make plenty of it.

Types of Loans You Can Get Even If You Have A Bad Credit History

Student Loan from Government for bad credit history

The Federal Government offer Direct Loans for Students who are enrolled into graduate or professional courses without any credit check. They do a credit check for Direct PLUS loans and you need to have a good credit score to be eligible for this loan. In case you have a bad credit history (For example: bankruptcy, foreclosures, tax lien, wage garnishment etc.), you may still receive a Direct PLUS Loan if you obtain a cosigner who does not have an adverse credit history. An cosigner or endorser (depending on where you are from) is someone who agrees to repay the loan if you do not repay it. PLUS loans are usually taken out by parents or guardians are are subject to immediate repayment.

FHA Home Loans for People with Bad Credit history

It's frustrating when you want to buy a house but can't seem to find a mortgage for people with bad credit. FHA Home Loans are issued by qualified vendors of the Government. These loans are insured by Federal Housing Department. Some qualified vendors do offer loans for people with bad credit history. The down payment amount will be more and the interest rate will be slightly higher. A 15% down payment will be requested from the borrowers with less than 500 credit score to be eligible for a FHA loan. The bad credit mortgage loan is referred as sub-prime mortgage loan. Instead of contacting bank or a lending company, you can contact your loan broker to have an FHA mortgage loan with lower interest.

Not quite bad credit but slow or fair credit? Learn how you can get a mortgage with a 605 credit score: PRESS HERE.

There are many online Payday loan providers who encourage and work with people with bad credit history. Payday loans are alternatively called as no fax loans or no credit check loans. However, there are few payday loan providers who do credit check. The payday loan processing is very simple and you get loan within 24 hours. As the payday loans are processed within very less period, the credit check will not be done at all in many cases. Payday loans are easy to get and it helps you get through an emergent situation until your next payday. You can apply for payday loans online by filling out an online form with details on your employment and personal information.

It would be really frustrating experience to run from dealer to dealer to obtain a loan for a car and an approval with low credit score-even in today's climate. The general consensus that a poor credit history always leads to higher interest is definitely true in most cases, but with car loans some dealers are quite competitive with their interest rates. You do not need to always go for used cars because of your bad credit history; there are many private car loan providers willing to work with people with poor credit rating. Right in your local community there are car lots and automiles that will let you buy a car at very decent interest rates with a reasonable repayment schedule. There are car loan providers who listen to the reason for bad credit history situations such as ill health, loss of job or by mistakes and are ready to offer a new chance for you to build your credit score. Getting a car when you have bad credit is one of the easiest things to do.

  • Learn how you can get a car for $1000 or under: PRESS HERE
  • Learn how you can get a free car if you are on welfare or low income: PRESS HERE

Unsecured Bad credit loans:

If your credit is 580 or lower, it is really difficult if not impossible for you to get a loan through conventional ways. However, there are certain specialized vendors who are lending money specifically to people with bad credit history. A bad credit history holder should only opt for a loan amount that can be paid off by them quickly and easily. In case you have filed a bankruptcy recently, the options to get a loan with less interest are limited for you. You can get loans with higher interest and restricted credit card limits. Speak to a financial advisor about improving your credit situation, or you can hire a law firm like Lexington Law Firm to help you get your credit in order so you can get better types of loans with lower interest. For the most part, bad credit unsecured loan lenders are going to bleed you dry with high interest rates. But if you really need it, there are plenty of them out there. Just have a plan where you can do things to pay the money off quickly.

There are many private lenders who offer unsecured credit loans. Before applying for a loan, you need to strongly consider if the interest rate is affordable and your possibility to pay back the loan amount with your earnings-or as stated above, you might have to consider doing something to bring in extra cash so you can pay your loan off faster.

Bad credit loans are done online or the vendors collect information through phone in order to process your loan application. Lenders like Springleaf Financial and HSBC have branches throughout the United States that you can go into and fill out your loan application there. You will be requested to provide your driving license, Social Security number, evidence of assets and list of other debts. Finally, think twice before you sign the loan application and it is advised to read through the terms and conditions properly so you are not caught off guard by what's in the fine print.

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