In part one of this multi-part blog series, we looked at some of the basic steps or approaches that can be taken among those looking to obtain a personal loan despite poor credit. While some believe that obtaining such a loan with bad credit is impossible, this is not the case – the right steps will often allow you to do just that, including in scenarios where a personal loan might help improve your credit in the long run.

At 1st Choice Money Center, we offer a wide range of personal and related loans, including title loans, signature loans and other alternatives to harmful payday loans – which we do not offer to our Utah or Idaho clients, for their own protection. Today’s part two of our series will go over some other basic tips on getting a personal loan despite bad credit.

Get Prequalified or Preapproved

In most cases, you’ll need to apply for a loan in order to get prequalified or preapproved. This is an important step as it can help give you an idea of what interest rate and terms are available to you based on your credit score.

Prequalifying or preapproving will also let the potential lender know that you’re a serious borrower. This can help to demonstrate that you’re willing to take the necessary steps to increase your credit score and pay back the loan on time.

Consider a Co-Signer

In some cases, you may be able to get a personal loan with bad credit if you have a co-signer. A co-signer is someone who agrees to take the responsibility for your loan payments if you fail to make them. While this person’s credit score will be factored into the process and can help increase your chances of being approved, they will also be on the hook for anything you fail to pay.

For this reason, it’s important to only consider a co-signer who you trust and can rely on in the event that you are unable to pay – and who trusts you to make your payments on-time.

Prioritize Secured Loans

If possible, look for secured personal loans, like a title loan. This type of loan is typically easier to obtain with bad credit and can also help you improve your credit score over time if you’re able to make your payments on-time.

At 1st Choice Money Center, we offer a wide range of secured and unsecured personal loans to help you secure the money you need and improve your credit score over time. To learn more about our available loan options, contact us today!

By partnering with 1st Choice Money Center, clients can have access to loans that are tailored to their particular needs and financial situations. With a broad selection of features for personal loans – including competitive interest rates, flexible repayment options and quick funding – we can help you obtain the best loan for your needs.