In parts one and two of this multi-part blog series, we’ve discussed some of the important steps to take if you’re looking to obtain a personal loan despite bad credit. This is often possible even if your credit is not very good, and you can raise your chances of approval and a quality loan rate if you know how to approach things.

At 1st Choice Money Center, we’re happy to offer a wide range of personal loans to clients across Utah and Idaho, helping them with short-term financial needs of any kind. In today’s final entry in this series, we’ll go over some additional concepts to keep in mind if you’re looking into a personal loan with bad credit.

Ensure Proper Documentation

There are several forms of documentation that you’ll need to provide in order to apply for a personal loan. These documents typically include proof of identity (such as a driver’s license or passport), proof of income (a paycheck stub, tax form, etc.), and proof of residence (utility bills). Make sure you have all of this information handy before you begin the application process.

In addition, you may need to provide a list of your current debts, including credit card balances and any other loan payments. This information should be easily available online through one of the major credit bureaus (Equifax, Experian, TransUnion).

Prep for a Hard Credit Check

In most cases, an individual looking for a personal loan with bad credit can expect to face a hard credit check. This is when the lender actually looks into your past payment and borrowing history from the major credit bureaus. It’s important to be prepared for this ahead of time, as it could potentially lower your overall credit score even further if you’re not careful.

Consider Lenders With No Credit Requirements

Depending on the lender you choose, there may be no credit requirements at all. This means that even if your credit is not up to par, you could still be eligible for a loan. Look for lenders who specialize in working with those with bad credit or low income, as they may be more willing to provide financing options regardless of your financial history.

Always Be Honest

No matter what situation you’re in, it’s important to always be honest about your financial background. This includes any debts or issues you may have had in the past. Lying or attempting to hide anything from a lender can lead to serious consequences and potentially even legal action if they find out.

We hope that this blog series has been helpful for those looking to find personal loan options despite bad credit. Remember that the best way to get a quality loan rate is by doing your research and finding the right lender for your needs. Good luck!

At 1st Choice Money Center, we’re dedicated to helping individuals with their financial needs regardless of their credit history. Contact us today if you’re looking for a personal loan in Utah or Idaho. We’re here to help.