Types of Loans You Can Get Even With Bad Credit
Need a loan for something but don't know if you will qualify because your credit is bad? There are many types of loans that do actually do qualify for even though you do have bad credit. Some require a co-signer and others do not but just because you have bad credit doesn't mean you shouldn't apply for a loan when you need cash to complete your goals or for emergency reasons.
Between 15 to 25 % of population has bad credit and hence these loan providers this sector of the population because you still need to get stuff done and they still need to make money. Don't think they are doing you any favors by giving you a loan even though you have bad credit. They are in business to make money and they make plenty of it.
Types of Loans You Can Get Even If You Have A Bad Credit History
Student Loan from Government for bad credit history
The Federal Government offer Direct Loans for Students who are enrolled into graduate or professional courses without any credit check. They do a credit check for Direct PLUS loans and you need to have a good credit score to be eligible for this loan. In case you have a bad credit history (For example: bankruptcy, foreclosures, tax lien, wage garnishment etc.), you may still receive a Direct PLUS Loan if you obtain a cosigner who does not have an adverse credit history. An cosigner or endorser (depending on where you are from) is someone who agrees to repay the loan if you do not repay it. PLUS loans are usually taken out by parents or guardians are are subject to immediate repayment.
FHA Home Loans for People with Bad Credit history
It's frustrating when you want to buy a house but can't seem to find a mortgage for people with bad credit. FHA Home Loans are issued by qualified vendors of the Government. These loans are insured by Federal Housing Department. Some qualified vendors do offer loans for people with bad credit history. The down payment amount will be more and the interest rate will be slightly higher. A 15% down payment will be requested from the borrowers with less than 500 credit score to be eligible for a FHA loan. The bad credit mortgage loan is referred as sub-prime mortgage loan. Instead of contacting bank or a lending company, you can contact your loan broker to have an FHA mortgage loan with lower interest.
Not quite bad credit but slow or fair credit? Learn how you can get a mortgage with a 605 credit score: PRESS HERE.
Bad credit Payday Loans
There are many online Payday loan providers who encourage and work with people with bad credit history. Payday loans are alternatively called as no fax loans or no credit check loans. However, there are few payday loan providers who do credit check. The payday loan processing is very simple and you get loan within 24 hours. As the payday loans are processed within very less period, the credit check will not be done at all in many cases. Payday loans are easy to get and it helps you get through an emergent situation until your next payday. You can apply for payday loans online by filling out an online form with details on your employment and personal information.
Bad Credit Car loans
It would be really frustrating experience to run from dealer to dealer to obtain a loan for a car and an approval with low credit score-even in today's climate. The general consensus that a poor credit history always leads to higher interest is definitely true in most cases, but with car loans some dealers are quite competitive with their interest rates. You do not need to always go for used cars because of your bad credit history; there are many private car loan providers willing to work with people with poor credit rating. Right in your local community there are car lots and automiles that will let you buy a car at very decent interest rates with a reasonable repayment schedule. There are car loan providers who listen to the reason for bad credit history situations such as ill health, loss of job or by mistakes and are ready to offer a new chance for you to build your credit score. Getting a car when you have bad credit is one of the easiest things to do.
- Learn how you can get a car for $1000 or under: PRESS HERE
- Learn how you can get a free car if you are on welfare or low income: PRESS HERE
Unsecured Bad credit loans:
If your credit is 580 or lower, it is really difficult if not impossible for you to get a loan through conventional ways. However, there are certain specialized vendors who are lending money specifically to people with bad credit history. A bad credit history holder should only opt for a loan amount that can be paid off by them quickly and easily. In case you have filed a bankruptcy recently, the options to get a loan with less interest are limited for you. You can get loans with higher interest and restricted credit card limits. Speak to a financial advisor about improving your credit situation, or you can hire a law firm like Lexington Law Firm to help you get your credit in order so you can get better types of loans with lower interest. For the most part, bad credit unsecured loan lenders are going to bleed you dry with high interest rates. But if you really need it, there are plenty of them out there. Just have a plan where you can do things to pay the money off quickly.
There are many private lenders who offer unsecured credit loans. Before applying for a loan, you need to strongly consider if the interest rate is affordable and your possibility to pay back the loan amount with your earnings-or as stated above, you might have to consider doing something to bring in extra cash so you can pay your loan off faster.
Bad credit loans are done online or the vendors collect information through phone in order to process your loan application. Lenders like Springleaf Financial and HSBC have branches throughout the United States that you can go into and fill out your loan application there. You will be requested to provide your driving license, Social Security number, evidence of assets and list of other debts. Finally, think twice before you sign the loan application and it is advised to read through the terms and conditions properly so you are not caught off guard by what's in the fine print.
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