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6 Things You Can Do To Get a Loan with Bad Credit

Having no credit or bad credit score can be a stumbling block when it comes to securing a personal or payday loan because lenders will approve your loan based on credit worthiness. Therefore, it’s important that you improve your credit score as much as you can so that your next consumer loan application will be approved.

However, if your loan has been turned down and you are stuck, consider the following 6 brilliant options:

  1. Go for payday loans
    Payday loans nearly always approve bad credit score customers. Go to our front page for payday loan lenders.
  2. Go for peer to peer loans
    Peer to Peer (P2P) borrowing has been on the rise since the year 2005. It’s an online-based platform which allows individuals to borrow from individuals instead of an institution. Nowadays, this type of lending is becoming more and more popular, thanks to the fact that it’s a streamlined process and it’s a win-win situation for both borrowers, who usually pay low-interest rates, and lenders, who enjoy high-interest earnings. Perfect for payment loans for bad credit. have these kind of bigger consumer loans for bad credit. For more personal loans, click here.
  3. Take the Home Equity Line Credit Route!
    If you’ve equity in your legitimate property, you can apply for a low-interest and tax-deductible line of loan which you can spend any time. These are great financial loans for bad credit.
  4. Credit Unions can Give you an Instant Loan
    The operation of Credit unions is similar to banks, the only difference is that credit unions are owned by members who work in the same industry and are based in the same geographical location. Their sole purpose is to pass earnings to members in the form of shares derived from the loans they advance to members and non-members. They don’t usually check credit scores before approving loans. Therefore, you can count on them in case your credit score is poor.
  5. Loans from a Friend or Family Members
    If you don’t secure a loan from an online peer, perhaps a friend or a relative will help. However, ensure that you have a written agreement in place to minimize chances of conflict in the future. Document the rate of interest, agreed payment terms, collateral, and what will happen in case you fail to repay your loan.
  6. Appeal / Look for a Co-signer
    If you are still unable to secure a loan from a friend or a relative, you might consider looking for somebody with a good credit score you can co-sign a loan with. The person in question should know your situation well, have your full trust, and should be willing to risk for you. Remember, your co-signer will have to repay it in full if you fail to repay it.
Lauren Ward

Lauren Ward
Writer and editor

Specializing in original, well-researched web content, including blog posts, news articles and web copy. Areas of expertise include personal finance and lending. 10 years of experience as freelance writer and working at Federal Reserve Bank of Richmond.
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