If your credit is less than perfect, then you might think that you'll never be able to get a loan if you need one. The problem is only made worse if you need the money quickly... it seems as though the worse your credit is, then the longer it takes for loan officers to make the decision as to whether or not to grant you the loan that you want or need. Little do many people know that it's possible to get instant bad credit loan decisions, so long as you know where to look. Some of these instant bad credit loans can even have comparable interest rates to those that you would get if your credit was much better than it is now.
Of course, in order to find the instant bad credit loan that you need, it's important that you are willing to consider alternative lenders other than just the bank where you've done business for most of your life... and it's also important that you realize that while some lenders may offer you competitive interest rates, you're likely going to have to do a little bit of searching to find them.
Where to Look for Lenders
Before you can apply for an instant bad credit loan, you're going to have to know where to look for the lenders that offer them. In your local community, you can often find these lenders listed as finance companies or occasionally other lending offices. It's important to keep in mind that not all of these lenders will offer instant decisions... though many of them will make same-day or sometimes even two-hour decisions if possible.
While you're searching, you should also take a little time to search for lenders online... many of these have automated application software that can make preliminary decisions within one minute of you submitting your loan application. For those that don't offer this software, decisions can still usually be made in near-record time.
Speeding Up the Process
The more organized your loan application is, the more likely you are to be able to get an instant bad credit loan decision. Make sure that you've made all of the information that the lender might need not only available but also easily accessible. The quicker a loan officer will be able to access information about your collateral, your income, or anything else that they're looking for, then the quicker they're going to be able to determine whether or not there is an acceptable risk in offering you the loan that you're applying for.
Securing the Loan
Another key to speeding up the application process and getting you closer to receiving an instant bad credit loan answer is choosing the best collateral that you can to secure your loan and guarantee repayment. Ideally, you'll use high-value collateral that has an easily-accessible market and who's value can be easily estimated without the need to consult an expert. If possible, you should use home equity as your collateral since it is easy for loan officers to work with and can reduce your interest rate in addition to speeding up the approval process. If you don't have equity or simply don't want to use what you do have, you might consider using some other high-value collateral such as an automobile or collections of precious metals.
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