You may be disheartened in your search to receive traditional funding due to the horrible appearance of your credit file. There are loans for people with bad credit that are offered by lenders who know that a few mistakes on your credit file does not mean you cannot manage your credit, if given a second chance. In fact, there are several types of bad credit loans for you to choose from.
No Credit Check Bad Credit Loan
The most common type is a payday loan. It is a short term loan which is usually in the range of $300 to $1500. It is simple to get and requires no credit check. You simply present a postdated check in the amount you wish to borrow, plus fees, to your lender. The lender holds the check until your next payday, usually two weeks to one month away. This type of loan is the most popular because the only requirement to receive it is that you have a job and a bank account.
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Secured Bad Credit Loan
This is the next popular type. It can be obtained from $1,000 up to $20,000 or more, depending on your income and the security that you pledge as collateral. Collateral might be in the form of your home or car, and by pledging the collateral again the loan, you give the lender the right to sell your pledged property if you do not meet the payment terms outlined in your agreement.
Unsecured Bad Credit Loan
This type of loan is the hardest to get, but it is not impossible to receive it. It can be for any amount, but generally stands a greater chance of approval for those borrowers who ask for under $5,000, as the lender has a reduced risk with lower amounts.
One method that borrowers of unsecured bad credit loans use to help speed up their approval is to apply with a creditworthy cosigner. A cosigner can be someone who is related to you, a friend, or other person who believes you will be a responsible borrower of your loan. If you do not pay as agreed, your cosigner will have to step in to pay it off for you. Some lenders offer early release of your cosigner once you have established a favorable payment history.
Bad Credit Auto Loans
If you are looking to buy a car, truck, or other vehicle with the proceeds from your bad credit loan, you might want to consider a bad credit automobile loan. These are fairly easy to obtain, as the vehicle that you buy stands as security against the loan. To improve your chances of being approved for a bad credit loan to buy a vehicle, you might want to consider applying a small down payment of around 10% of the vehicle purchase price. This shows the lender that you are responsible enough to save up a down payment towards the purchase, and also reduces the amount that the lender would have to let your borrow.
Apply Online For Savings
Additionally, you might want to consider applying with an online lender. Online lenders offer reduced rates, and you can apply from your own home computer anytime of the day or night.
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