It would seem that the chances of getting an unsecured personal loan with bad credit are pretty slim. Not only does the applicant have a poor credit history, but there is no security on the table to ease lender concerns either. In these circumstances, getting those extra funds to help lift some of the financial pressure created by debts is surely a pipe dream.
But in fact, getting loan approval without security is simpler than many expect, while the issue of bad credit is really a moot one. Certainly, there are strategies that enhance the likelihood of securing large loans. And the core to these strategies is knowing which lenders to approach, and the information lenders look for.
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The simple fact is that lenders are happy to lend if the right boxes are ticked, and they are suitably convinced that repayments on the unsecured personal loan will be made.
Who To Apply To
Traditional banks are the first option borrowers consider when deciding who to approach for an unsecured personal loan with bad credit. But there are a lot of negatives to this choice. Traditional lenders tend to have a cautious approach when it comes to low credit ratings, so the chances of rejection are higher.
Also, these lenders would prefer to have some kind of security to protect them against losses. Securing approval without security is always going to be harder, but banks have a particularly strict view once the sum being borrowed is more than $5,000.
If there is a positive to approaching your bank, it is that they are already familiar with your credit history. This means that, even if the credit score is very low, they may be willing to take a chance. A strong relationship with your bank can see a unsecured personal loan getting the green light.
The Alternative Lending Option
If the deals being offered by banks are not quite good enough, then approaching an online lender is the best alternative. Indeed, it is probably better to go directly to the Internet, since the terms available there, even for an unsecured personal loan with bad credit, are very good.
The reason for this is basically that these lenders advertise themselves as the superior alternatives to established lending institutions. They must offer competitive interest rates and more flexible repayment schedules, but a key element of their products is offering loan approval without security.
What is more, online lenders also ignore credit histories, with no credit check approval processes ensuring a fast approval turnaround. Still, getting unsecured personal loans is fine if the lender is reputable. So, be sure to check out their scores on the Better Business Bureau website before signing up to anything.
A Strong Application
Of course, the cornerstone to a successful application is not the lender or the interest rate charged, but the strength of the application itself. Lenders need to feel sure anyone seeking unsecured personal loans with bad credit has got everything in order. Basic criteria include being over 18, being a US citizen and being in full-time gainful employment.
As long as these criteria are satisfied, there is nothing to suggest that gaining approval without security is impossible. After all, confidence is the key to the green light, with fears of the borrower defaulting on the loan suitably lifted.
Still, the interest rate charged will be higher than normal, and in many cases the loan limit is strictly set. But the crucial fact is that an application for an unsecured personal loan can be successful.
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