Very Poor Credit? Need a Loan? Three Points


A number of options exist if you need a quick infusion of cash. But you need to be aware of a few matters. If you have an excellent credit score (770 and above) or even good one (700 and above), your options are fairly broad. If you are credit-score challenged, you are going to have to do a little leg work to get the cash you need.

For folks who have an immediate need for funds, the most used financial instrument is the personal loan. A personal loan is so called to distinguish itself from other types of loans, such as those to finance a car or purchase property, such as a home. They are a quick way to get cash to address temporary circumstances. Folks use them for unexpected circumstances such as car repairs, medications or medical procedures, and sometimes even to pay the rent or buy groceries, especially in these recessionary times.

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If you have very poor credit, you may be wondering just how to go about getting approved for a personal loan. Well, you need to know where to look. If you take the shotgun approach and just go out and start applying everywhere, you stand a good chance of getting rejected. You will also get a lot of dings on your credit report and that tends to lower credit scores even more. Keep the following points in mind to prepare yourself should you ever need to land a personal loan.

Point Number One

Two types of personal loans are generally available - secured and unsecured. A secured loan is a loan that is backed by some form of collateral, usually a car, property such as home, or even stocks and bonds. With an unsecured loan, no collateral is required. A general rule of thumb is that unsecured loans usually incur higher interest rates, lower loan amounts, and a fairly quick maturity or time when payback is due. Also, a borrower has a better chance of getting approved if collateral is offered.

Point Number Two

If you have no collateral that you wish to present, you can have your next paycheck posted as a form of collateral. You will be required to present a bona fide ID, bank statements for a checking account, proof of residency, and proof of a job. The borrower usually writes a post dated check to coincide with the payday in an amount that includes the payback and interest.

Point Number Three

If you are unemployed, you still may be able to land a purely unsecured loans. Interest rates will be very high due to the risk the lender is taking, but this cost may be bearable if the need for the cash is urgent.

Whether you choose to go for a secured or unsecured loan, do yourself a favor and pay to get your credit scores run. This will give you a good idea of where you stand financially when you do approach a lender. You should also apply to at least three, five would be better, different lenders. You will be surprised how much rates, terms, and conditions vary from lender to lender and you could end up saving yourself a lot of money on interest and fees.


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