As more and more people are rejected by banks and credit card companies, being unable to secure personal loans and credit cards, many simply give up on their attempts to borrow money. Some seek alternative options, such as local pawnshops or check cashing places, being able to borrow small amounts at ridiculously high interest rates. This is exactly why most people who have blemishes on their credit report feel discriminated once it comes to getting loans and lines of credit, as they feel that they are being taken unfair advantage of by lenders. Thankfully, there are ways to secure financing even with serious marks on the credit report.
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Do Not Apply with Banks If You Have Been Rejected Already
Banks are still the most popular source of financing. Seeking a loan from the bank where you have your accounts open is the most logical step that most people make; however, most of loan applications end up being rejected as banks now try to minimize their risks and simply refuse to finance consumers with even slightest negative marks on their credit. Credit card companies follow the same logic. Besides, borrower criteria rarely differ bank to bank. Therefore, once you have been rejected once or twice by a traditional lender, there is no need to apply at other banks or credit card companies. You would not only waste your time, but also further damage your credit ranking, as multiple inquiries would surely drive your credit score down.
Stay Away From Pawnshops and Payday Lenders
Most people who are unable to secure traditional financing turn their requests to pawnshops and payday lenders. While in most cases such requests result in loan approval, the consequences of utilizing such lending services are often devastating. Pawnshops would take your property as collateral and appraise it at a small fraction of what it is truly worth. In addition, they usually give borrowers very little time to repay the loan, making it extremely difficult to stay current. As a result, most borrowers fail to repay and see their belongings being sold by a pawnshop the next day after scheduled repayment.
Payday lenders, while not having any collateral requirements, in most cases may be compared with loan sharks, as the interest rates they charge are hundred times more than the interest rates banks charge their customers. While they try to explain intolerable rates by higher risks they undertake, their charges are well above adequate. Most people, who have taken payday loans out, end up being in worse financial shape than they were before taking such loans.
Use Online Lenders Instead
While in fact finding loans with bad credit is difficult, especially with the state of the economy today, it is still possible. Even consumers with serious derogatory items on their credit reports have been able to get loans from online lenders. As long as you may prove a source of steady income, your identity, and residency, you should be able to find a lender who may offer you a loan, regardless of how bad your credit is. While most of these loans feature smaller amounts when compared to traditional loans, their terms are far better that the ones your local pawnshop or payday lender may offer.
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