There used to be a time when it was very difficult and perhaps even impossible to get a personal loan if one had bad credit. Many people think that still holds true today, but in today's information society and culture, bad credit does not need to hold you back from getting a personal loan, you just need to know where to look.
Most traditional banks and credit unions will still tend to turn up their nose at you if you are requesting a loan from them and they see that you have bad credit. But what more and more lenders are starting to realize is that bad credit does not occur for the same reasons across the board. Years ago, lenders used to think that bad credit meant that the consumer simply had poor financial management skills and until they were able to prove they had learned good financial management skills, a personal loan was out of the question.
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But lenders are starting to take a more personal approach to a personal loan for those who are labeled with the poor credit title. Bad credit can happen for a number of reasons, and poor financial management skills do not head that list of reasons. People can get behind on their bills for a wide variety of reasons, like job layoffs, unexpected and major medical expenses, braces for the kids and you do not have dental coverage in your health insurance plan, and many more very valid reasons that are too numerous to count.
Some of the more traditional lenders think that people should have a nest egg to get them through the tough financial times. That may have been true at some point, but the number of people who have a nest egg or adequate savings to see them through even a matter of a month or more is rapidly dwindling. There are more households today living from paycheck to paycheck than ever before. The reason for this is because people want nicer things and a nicer lifestyle today, not when they can really afford it, so they spend money to achieve that lifestyle instead of putting that money into savings.
The first thing you need to do is to get rid of that bad credit label, regardless of the reason that label was applied to you. Make sure you pay your bills on time every month, that is the highest critical factor. Never go over your credit limit, and try to keep your outstanding balance to less than half of your credit limit on all your credit cards and department store charge cards. Over time, if you are consistent with this, your credit score will increase and you will lose the bad credit label.
But if you need a personal loan today and have bad credit, you should shop around. It really is a consumer's market out there, and you may be very surprised to find there are a number of lenders willing to provide you with a personal loan. Granted, the interest rate on that personal loan may be a bit higher than what you would pay if you had excellent credit, but the fact remains that you can get the loan, and your bad credit will not be a major stumbling block to you in the process.
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