In part one of this two-part blog series, we went over some general tips on how to obtain a loan despite having a poor credit score. Credit score is a big factor in obtaining loans, to be sure, but there are loan types and methods to take to secure loan funds even if your credit is not in the place you’d like it to be.
At 1st Choice Money Center, we’re here to help. We offer several excellent loan types for those in various situations, from car title loans to numerous bad credit personal loans and alternatives to predatory payday loans. In today’s part two of our series, we’ll go over a few additional tips we can offer for obtaining a loan despite a bad credit score or history.
Prove Repayment Capability
There are some cases where your credit score may be in the process of being rebuilt, but is still on the low end – but meanwhile, your overall financial situation has improved significantly. If you can prove you will be able to repay a loan amount based on new income changes, bank statements and related factors, there’s a better chance you’ll be lent the funds you need.
One possible related alternative here is having a cosigner, or someone who helps you guarantee the debt will be paid back. This must be someone with whom you have mutual trust, however, as a failure from you to repay the loan will land on your cosigner when creditors come looking for their funds.
Look Out for Scams
Sadly, there are a number of predatory individuals and companies who attempt to prey on those with poor credit scores or other financial deficiencies. Many of these will offer “payday” loans that have been recognized as predatory, while others will stick to a variety of outright advance-fee loan scams that pull money straight out of your pocket. If you’re unsure about a given lender, contact your state’s Department of Banking or Department of Financial Regulation – or the Better Business Bureau.
Reputable, Quality Lender
Down similar lines, it’s important to make sure you’re taking your loan out from a quality lender who not only has a strong reputation, but also offers the ideal loan program for you. There are several such programs, and which is best for you will depend on several factors, including not only your credit score but also other financial and need factors. A quality lender like ours will help you evaluate your situation and choose the best loan option based on it.
For more on how to obtain a loan despite not having ideal credit, or to learn about any of our signature loans, installment loans or related services, speak to the staff at 1st Choice Money Center today.