Have you ever wondered why getting a loan with bad credit is so difficult? The majority of lenders, unfortunately, believe that if you have missed payments or defaulted on a loan once, then you are likely to do it again! However, due to the current state of the economy it appears some lenders are becoming more lenient.
If you are suffering with a poor credit record, it may actually be due to circumstances beyond your control. The housing market is in one of the biggest slumps ever and more and more people are losing their jobs and finding it difficult to find work. If you add to this other possible reasons for requiring financial assistance, such as divorce or unexpected medical bills, you can see why many people require help getting a loan with bad credit!
As i mentioned, some lenders are now becoming more lenient with their lending criteria and many can offer guaranteed bad credit loans. There are usually 2 options available, a secured or unsecured guaranteed bad credit loan.
If you are looking for secured finance, you may be better off approaching a credit union. They will usually require some form of collateral from you. This could be your home or a savings account that will provide the lender some form of security should you default on your loan.
An unsecured loan would involve obtaining a standard personal loan, but your reasons for borrowing would need to be agreed by the lender. If you are looking to consolidate all your debts into one lower monthly repayment you should be in luck. However if getting a loan with bad credit merely allows you to make an extravagant purchase, you are likely to be declined.
When searching for loans, i would suggest that you scan the internet first. The majority of mainstream lenders have very strict lending policies and may not be as sympathetic as an online creditor.
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