Bad Credit Personal Loan and Bad Credit Loans
Bad credit personal loans are widely available these days. These
are personal loans marketed to individuals with a poor credit
score or poor credit history. A bad credit personal loan can be
obtained through a lender who specializes in bad credit personal
loans or through some banks. Many bad credit personal loans can
be found on the Internet. This makes applying and getting
approved fast and convenient. Despite the accessibility of bad
credit personal loans, all borrowers will want to weigh their
options before signing for a loan.
Finding a Lender
A bad credit score puts a person behind the eight ball when it
comes to finding a lender as well as a competitive interest
rate. However, all hope is not lost as there are ways of
shopping around to find a lender while preventing prospective
lenders from making a credit inquiry.
Securing the Loan
1. Be sure to never give out your social security number because
once prospective lenders have a social security number in hand,
they will not hesitate to run a credit inquiry which results in
another red mark on an already bad credit line.
2. Research prospective lenders online and then call before
making a face to face visit.
3. Be honest with the loan officer but spare them your bad luck
story.
4. Be prepared to state your case over the phone in a concise
manner.
5. Show up to the face-to-face interview with your credit report
in hand and go over the report with the prospective lender while
making sure to accentuate the positives.
6. Make them aware of any changes in your lifestyle that you
have recently made that would show them you are turning things
around and making an effort to repair your bad credit.
7. Ask the prospective lender up front questions in order to
determine whether or not they are truly interested in lending
despite your questionable credit history.
8. Only after the lender genuinely seems positive about the
chances of you securing a loan should you provide personal
information and a social security number to the lender which
would allow them to do a credit inquiry.