Looking for unsecured loans is an uncertain business for all of us. Generally, success with an application rests on our credit history and our stated salary, but there are no guarantees at all, and at times it might seem like a complete lottery.
It seems only logical then that getting approval for unsecured financing of any kind is an impossibility for those of us with poor credit rating. After all, the confidence that a history of meeting monthly payment obligations and repaying a loan is gone, so there is nothing that a lender can rely on.
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But the fact is that approval for loans that are unsecured is possible, even for those with a poor credit history. However, a few steps made on behalf of the applicant and some extra conditions imposed by the lender, can both be expected.
Approval Requirements
Getting approval for any kind of loan is a challenge, but it is generally accepted that having collateral makes the whole process much easier. Getting approval for unsecured loans should be a nerve jangling experience, but in some cases it can actually be less troublesome. However, the surprising fact is that credit history is not always a requirement for unsecured loans, especially when the loan is being offered online.
This is because the only concern for the lender is that the applicant has a proof of income and a bank account from which the monthly payment can be withdrawn automatically on a set date. With the responsibility for making the payment taken out of the hands of the borrower, approval for loans that are unsecured is effectively guaranteed.
Still, not every lender is so generous. Tougher terms typically exist, such as lower limits and a higher interest rate, with the lack of collateral meaning that a credit rating is a central factor in gaining approval for unsecured financing. Of course, there are a number of things that can be done to bypass this too.
Getting a Co Signer
Probably the easiest route around the problem of unsecured loan approval is to get someone with a good credit rating to become a co signer on the loan. This means that should the applicant fail to make payments, the co signer will pay on their behalf.
Getting approval for loans that are unsecured is certainly made easier with that kind of backup. For many people that means approaching a family member who trusts them and knows that the unsecured loan will be paid, but are willing to foot the bill if necessary.
Improving Credit Rating
A second step towards approval for unsecured financing is to actually improve your own credit rating. This is certainly not simple, and will take time to accomplish. A recent track record of making payments on time is needed, with a period of 6 months the normal duration. That effectively means waiting for 6 months before seeking approval for unsecured loans again.
There may be some effort required, but bad credit history is not the end to loan approval that everyone seems to think it is. In fact, unsecured loan approval is still very much possible, provided the applicant has either time on their side, a trusting co signer or a lender that is willing to turn a blind eye to credit history and insist on automatic unsecured loan repayments direct from their bank account.
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