How to get a personal loan with bad credit?

[Phantasm]

It is difficult to be given a personal loan with poor credit, but it can still be done. To increase your approval rates there are several steps you should follow:

1. Know your credit score; Before making an application for the loan, ensure that you know your credit score and go through the credit reports for any inaccuracies.

2. Consider all your options; Among them are online lenders, cooperatives and peer to peer lending platforms.

3. Look for a cosigner; If possible, find someone with good credit standing who can help boost your chances of securing a loan.

4. Offer security; Offering something like a car or property as collateral may encourage some lenders to agree to provide you with money.

5. Improve on your credit rating; Paying off debts and ensuring timely payments will enhance the opportunity of increased approvals in future.

Remember that getting loans approved with bad credits might come at higher interest rates and fees so read the terms and conditions before accepting any offer carefully.

 

[Abigael]

These are really good tips to getting a loan despite a bad credit rating. Most of the time, you may need to take a break to clear your debts first and get you cash flowing to improve your credit history.

But then you can still find some loopholes to getting a loan despite a negative credit rating. In my country, the government has a loan lending program that does not look at people's past credit rating. You can take advantage of such a program to get a loan.

The ideas of giving collateral and having a cosigner are also great. They help you get trusted by the loan lending company.