Unsecured Bad Credit Loan
For an unsecured bad credit loan there are a number of things you can do to better
your situation and make finding a lender who will both accept your application and offer you better interest rates an easier task. You can do this by playing up your strengths and shopping around.
When you've had financial problems in the past it may seem that you have no positive things to put on your application, but lenders do look at other things. For instance, a strong income and a steady income. If you've had the same job for a few years that will help. If you've lived at the same location for a few years that will help show stability, too.
If there was one thing that really messed up your finances in the past have a brief explanation prepared for why that happened, lenders will care, but keep it brief. You don't want to focus on this too much.
An unsecured bad credit loan has one major pitfall: high interest rates. Because you've had financial problems in the past the lender is taking a lot of risk that you won't repay the money you've borrowed. You can lower this risk for them by offering some form of collateral and finding a secured offer instead, which will in return lower your interest rates considerably. Of course, this won't work for everyone.
On the upside, paying these high rates now, and making sure you pay them on time each month, will help you build up a history of positive credit use, and will greatly help improve your score. Make sure you have a good budget set up so you'll be sure you can handle making these payments each month.
To lower the issue of these high rates the best thing you can do is shop around for good rates. Even if you decide to look at in person locations I recommend looking at five places online so you can compare their rates and terms so you can get a good feel for what's available to you.
To get the best deal on an unsecured bad credit loan shop around and tell your lender about your strengths as a customer.
by: Jennifer Quilter
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