How can a person with bad credit try to get a personal loan at a bank?
Answer:
Banks have certain standards that they rely on to make decisions on who to lend money to. When a person has bad credit, they have already shown, that they have had a problem in the past with money. If if was you, you would be a little skeptical about lending money to a person you don't know who has a bad history of paying money back.
For an immediate loan, the best you can probably do is get a co-signer. If you can't do that, you have to think of other legal ways to get some more income in my opinion.
This is very hard to do, especially if your a single mom. Each time you apply for credit or for a loan it drops your credit score 3 to 10 points.
You need something for collateral a vehicle or something else that guarantee's the bank they will get their money.
Now for long term, here is what you should do.
At tax time when you get your taxes back- set aside 1,000.00
Go to Bank A and buy a 6 month CD with it. Then apply for a loan using this CD as collateral. DO not spend the 1,000.00 loaned money.
Go to Bank B and do the same thing. Buy a 6 month Cd and apply for a loan using the CD as collateral.
Pay off Both loans on time every month DO NOT be even one day late. DO NOT pay them off early.
Then at the end, you have the interest from the CD's (about 200.00) and you will also have back your 1,000 and you will have two positives in your credit history over 1,000.
Do this once more to get three consecutive positives in a row,
In the mean time, do not apply for other credit and don't let any more negatives go on your credit. This will help your credit score immensly and they will give you the opportunity to show that you can pay your bills on time.
Good stinken luck witht he bank loans. My husband and I have been there done that. You will probably need to go to a loan company (several) in your local community. My husband and I had to go to about 5 of them before we finally got approved for a loan. We had a monthly payment. And we paid it off in a yr, and they reported to the credit buruea (however you sp that) We had paid it off and on time every month, so it went down as a plus for us!
The down side to loan companies is the interest rate is outrageous. But sometimes you gotta do what ya gotta do.
Goodluck!
That is just what they would do, try to get a loan. It is not Banking business practice to give a financially Risky person a loan. People with good credit sometimes have difficulty securing a loan. It depends on the banking environment (interest rates, yields, bonds, and stock trends play major role in the types of persons that will get loans) and other economic trends besides good credit, but generally good credits is a determining factor. You would do better to take a few course towards matriculation and get a Student loan.
dont waste your time with all that
bad credit loans are found at http://www.wesayes.com
I give out loan to Business Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US the maximum I give is 5,000,000 both in pounds and $US and the minimum 5,000 pounds and US$ so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories:
Manager of a company
A private Holder
A broker in banks
A director in any office or company
A high investor of and compay
If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon.
Name In full____________ ____________
Occupation___ _______________ ______
Counry_____ _______________ _______
State____ _______________ _________
City___ _______________ ___________
Zip code:__ _______________________
Phone Number ____________________
Sex _______________ ______________
send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now. email chris_per_lenders@yahoo.com
Thanks.
I found some good info here.
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