In past times, consumers could get a mortgage, vacation property, autos or boats, even more frivolous items with an even less than average credit rating. These folks were piggy-backing on sub-prime lenders who were more than happy to offer loans because they benefited from the high interest rates they charged. Things are a little different now and folks are beginning to realize the value of good credit.
What Does the Average Joe Do?
Because of these financially rough times, many folks have taken a hard hit or two on their credit scores. If you are a hard-working person and you have a poor credit history, is it possible for you to land a substantial unsecured personal loan. Considering that financial markets, especially personal finance markets, are in such flux, the answer is usually positive. If you are in need of a personal bad credit loan up to $25,000, here are some considerations.
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Be Sure the Loan Is Right for You
If you need less than $3,000 you will want to consider other venues for the funds. Cash advance lenders, even payday lenders may very well be able to accommodate you without the following benchmarks you will have to meet for higher amounts. If you do need a high-value loan, take these four preparatory steps.
Step One: Check Your Credit History
So very often consumers think they have average credit scores and, after checking, discover that they are not bad at all. Of course, the opposite can be true as well. It behooves any consumer to keep an eye on their report. Scores in the 730 zone are favored for unsecured loans. Should your rating range below that, you might want to think about taking six months or so to strengthen your scores. Pointers for doing that are available online.
Step Two: Check Your Budget
Can you afford to make the monthly payments on a newly acquired loan? In case you have not already thought of it, you need to do some budget figuring. Can you afford another monthly payment after all your regular obligations are met? You need a debt to income ratio that lets the lender know you can make payments without stress.
Step Three: Check Your Needs
Do you really need the loan? Should you be starting a business does your business plan consider loan repayment? If you are doing home remodeling, buying a recreation vehicle such as a boat, consolidating debt, paying off medical debt, do your long-term financial goals include comfortable repayment and maintaining good credit?
Step Four: Check Your Lender
After checking the first three steps, you are going to want to find a reputable lender. Go online and do a simple search for lenders willing to provide loans in amounts ranging from $20-30,000. You will even find brokers that will provide you a list of lenders who would most likely be willing to lend to you based on the amount you need, the interest rates you will pay, and the repayment terms with which you will be most comfortable. Before you do business with any lender, check to be sure that they are reputable. The Better Business Bureau has online listings that will rate each lender and give you customer feedback. As with any online transaction, be sure you take the appropriate steps to protect your identity and your financial information.
Finding the Funding You Need Should Not Be That Difficult
If you want to speed the application and loan approval process, be sure you have all your documentation lined up. This will include credentials to include two forms of government-issued identification, proof of residency, availability of an active bank account (preferably checking with direct deposit) and, most importantly, proof of job stability and salary. With forethought and care, finding the high-value funding you require should not be that difficult to come by.
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