There are millions of good people with bad credit. You may be one of them. Perhaps your credit file reflects some past mistakes that you made when you were younger and more reckless, or perhaps your file is indicative of an illness or injury that prevented you from working, and thus your payment history took a plunge southward. Whatever the reason behind your bad credit history, you can still qualify for a bad credit loan today.
Pull Your Credit File, Check For Errors
Before you decide to apply for a bad credit loan, make sure your credit really is as bad as you think. You are legally entitled to one free copy from each of the three major credit reporting bureaus each year. Once you receive your free reports, which can be obtained online for your review, look carefully at each to make certain that there is no erroneous information contained in them. Common items that are reported in error include late payments and accounts that do not belong to the borrower. If you find an error, the credit bureau is legally obliged to complete their investigation into the matter within thirty days. Oftentimes, an investigation will result in the item being deleted from your file. You can send the bureau in question supporting information, such as cancelled checks, to help them in their quest to remove the item from the file.
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Once you have established your true credit rating, you can apply for either a secured or unsecured loan. You can borrow any amount that you wish for either loan, but commonly these loans begin around $500 and go up to $10,000. Be certain to borrow only an amount that you can reasonably afford to repay according to your income and your budget.
Secured Bad Credit Loan
A secured bad credit loan is a loan that requires you to pledge security against the principle amount of the loan. Security is also called collateral and might be in the form of your home or personal vehicle, or other real estate that you might own. You must be the title bearer for the property that you pledge as security. The lender receives the right to sell your property if you do not follow the terms of your loan as agreed. A secured loan for bad credit has a lesser interest rate than an unsecured bad credit loan, as the lender is accepting more risk for the latter.
Unsecured Bad Credit Loan
The unsecured bad credit loan is for bad credit borrowers who do not have or do not wish to place security against their bad credit loan. This type of loan is more difficult to be approved for than the secured loan. You can improve your chances of receiving this loan by applying alongside a cosigner who has better credit than you. The cosigner would be responsible for paying the loan off if you fail to do so.
Both of these loan types are perfect for bad credit borrowers. You can use your bad credit loan for any purpose you see fit. A lot of borrowers use these types of loans to purchase automobiles, pay down credit card debt, do home improvements, or pay for education for themselves or their children.
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