All it takes is few late payments on an installment loan or a mortgage. Maybe your bills have been stacking up on that special corner of your desk. Perhaps you are struggling to make ends meet. Even trouble with utility bills can show up on your report. You may need a guaranteed bad credit loan.
All of these can have a deleterious effect on your credit scores and your ability to gain approval for a loan. At times in the financial existences of practically everyone, credit reports are not quite as golden as we would like them to be. By using these five tips, you should be able to land a guaranteed bad credit loan.
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Tip One: Get a copy of your credit reports.
You need to know where you stand, to see yourself financially as lenders see you. You are entitled to a free copy of your reports once a year from the three major credit report agencies: Experian, Equifax, and TransUnion. Some companies will gather these reports for you, ostensibly for free. But beware, while they may do just that, they may charge you later as part of a credit-monitoring utility. You usually have a week or so of free trial though and you can opt out within that time. Just be sure you terminate it or a hefty fee could show up on your next plastic card statement.
Tip Two: Study your credit reports thoroughly.
Once you have your reports, scrutinize them. If you do not understand any items noted thereon, seek out the advice of a certified public accountant or an attorney who specializes in such matters. Banks, credit unions, and the clerks they employ are human entities and capable of error. You may find things on your reports that are holding you back from getting loan approvals.
Tip Three: Talk with your current lenders.
If cash flow or meeting your monthly obligations are your main problems, you need to have discussions with your current lenders. Too many folks immediately opt for a bad credit loan when they are facing a financial problem. Borrowing money is not always the only answer. Perhaps your current lender would be willing to lower your interest rates or lower your payment terms, even for just a certain period of time. This might give you the elbow room to bring your finances back into line.
Tip Four: Search for a bad credit lender.
If your current lenders are reluctant to grant you some breathing room, then it is finally time to start your search for a bad credit lender. Many lenders are out there who are willing to grant loans to folks with poor credit histories. You need to be sure what the deal is, though. Many lenders can come through with the money, but at extraordinary interest rates with fees for this and that tacked on. Sometimes these cures can be worse than the disease and you might find yourself in a circumstance that is worse than when you started.
Tip Five: Seek support from an intermediary finance company.
Intermediary finance companies will maintain a log of lenders who will provide guaranteed bad credit loans even if your credit rating is bottom of the barrel. A fee is usually exacted to gain entry to this log. Access to this database will make your hunt for a lender much easier. While these intermediary companies provide this vital information, they do so much more. They also provide credit counseling and other support services, too.
Whatever you do, if you are in this situation, in desperate need of a bad credit loan and holding bad credit scores, you need to do something fast. The longer you put off dealing with the situation, the worse it will get.
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