Sometimes, because of financial crisis, a consumer may need to apply for a loan despite having bad credit. Although some lenders that offer loans charge high interest rates, it is possible to get a reasonable offer by doing research and comparing deals. This article present smart advice on how to get a bad credit loan without getting ripped off.
Analyze your situation. There are different types of loan programs and it's important to choose one that fits your situation. How much financing do you exactly need to solve your problem? While it may be tempting to borrow more than what you need, keep in mind that because of your credit standing, this isn't the best time to acquire loans. Borrow only the amount you need.
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Consider alternative solutions. Before applying for a bad credit loan, don't forget to consider other possible solutions to your problem. For instance, is it possible for you to ask help from a friend or a family member? If you can borrow money from a personal contact instead of a lending company, you can get the loan you need at a low rate or maybe even zero rate, regardless of your credit rating.
Raise your credit score. Raising your credit score by even a few points can save you on interest rate charges. Get a copy of your credit report and make sure that it contains no errors or unauthorized charges which can inflict more damage to your score.
If you find any inaccuracy, request for corrections from the credit bureau that issued your report by sending a formal dispute letter. You may have to wait 30 days for the investigation to be completed before your request is granted. If it's possible to wait that long, then delaying your loan application can make a big difference in the loan offers you can get.
If there are no errors in your credit report, check if you have past due charges that you can pay off. You may even call up your creditor and ask that your late payments not be reported to the bureaus. Request your creditor if the interest rate can be reduced or if late penalty fees can be waived if you pay your debts in full. All these steps can significantly improve your credit rating and win you a better loan deal.
Compare loans. Different lending companies offer varying rates and fees. The terms of your loan will of course depend on your personal credit rating. It helps to request for free loan quotes from different lenders but keep in mind that the advertised APR may not be the exact rate you will get. It is always worth the effort to ask a potential lender for a reduced rate even if you have imperfect credit.
When negotiating with a potential lender, inform your lender the circumstances that caused you to have bad credit and the steps you've already done to improve your rating. Let your lender know that you are ready and capable of turning your credit into good credit by keeping up with your loan payments.
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