Loans with Bad Credit

If you’re like millions of other Americans with credit problems, then you are prevented from buying a house or car, getting a credit card, or even renting an apartment. Having bad credit can be a major pain as it prevents you from opening utility accounts and getting a cell phone.

Bad credit may not just prevent you from qualifying for these accounts, it also costs you money in the form of higher interest payments. And that’s if lenders are even willing to work with you in the first place.

You don’t need to let your bad credit keep you down or hold you back. You can take proactive steps to immediately improve your credit. Even if you have recently endured bankruptcy, you can work your way back to a strong credit rating in just a few years.

Bad Credit Auto Loans

If you have bad credit, getting an auto loan can be a challenge. At the same time, an auto loan can be a great way to re-establish and rebuild a positive credit history. In many cases, such as when you have been turned over to collections or experienced bankruptcy, an auto loan can quickly improve your rating.

Some of the best ways to do this are to first get pre-approval for an auto loan. You can do this through a dealership but you may not get the best interest rate. It is preferable to secure pre-approval with your own bank or an online loan source before you even step foot in a dealership.

When shopping online auto loan lenders, be sure you compare several before deciding. You should also know what your credit score is as the quote application will request that information and will play a large role in the rate and terms lenders offer. Once you review all your quotes, you can choose the best one and submit the formal application.

While it is possible to get an auto loan with a poor credit score, you better your chances by submitting a sizable down payment, typically 10% of the purchase price.

Bad Credit Refinance

If you are in a high interest mortgage and want to refinance but your bad credit is holding you back, there are a few things you can do. It is important to keep in mind that your home is your collateral, which provides you with a few refinance options.

Having bad credit does limit your options but you do have a few. Many lenders specialize in clients with bad credit. Refinance loans for those with poor credit ratings are always going to be higher than those with good credit. This is a fact you’re simply going to have to accept. Still, if you have a high interest loan, it is worth checking to see what kind of rates they offer. It will largely depend upon the current mortgage market, your credit history, and the individual lender.

If you do try to refinance, make sure you get a loan that is as close to the amount of your original loan so in the long run, you don’t end up paying more in interest. It’s a simple fact that the more money you borrow, the greater debt you’ll find yourself in so make sure you borrow responsibly.

If you have bad credit now, it doesn’t mean you will in a few years. By waiting to rebuild your credit, when you do try to refinance you will get a better rate. Doing some research on improving your credit score can end up helping you out greatly in the long run.

Bad Credit Home Loans

Trying to buy a home with bad credit may seem impossible and it is true, most lenders will turn you down. Up until the mortgage market crashed, there were many options for so-called subprime borrowers. Many lenders were even willing to finance the entire purchase price for borrowers with less-than-ideal credit. Today, however, those options have shrunk considerably but there are a couple approaches you can take if your bad credit is proving to be an impediment.

The first and most obvious step is to improve your credit. If you are turned down by a lender due to your bad credit, find out exactly how much you need to raise your credit score in order to qualify for a mortgage. The fact is, no matter how poor your score is today, by taking the right steps, you can improve you score to good or excellent in less than two years.

One other option to investigate is FHA purchase loans. The loans have less strict credit requirements than traditional mortgages and are an ideal option for bad credit borrowers. FHA loans are also an excellent option for borrowers who may not have a sizable down payment. Conventional loans may require as much as 10% to 20% of a home’s value but FHA loans may only require as little as 3%. Also, you can acquire an FHA on pre-fabricated and mobile homes too.

Bad Credit Fast Loan

If you have bad credit and an unexpected emergency has you in a financial bind, you may need to take out a fast cash loan. Fast cash loans are unsecured loans that allow you borrow money without collateral. Instead, you only need to show you have a steady monthly income, are at least 18 years old, a US citizen, and are not active-duty in the military.

Bad credit fast loans allow you avoid the hassle of seeking a traditional loan. You fill out a simple no-obligation application. Approval often takes only a few minutes and you can have your cash in one hour or less. Most of the time you can borrow anywhere from $100 to $1000, which is repayable on your next payday. If you are unable to pay your fast loan back you can sometimes request an extension but this will largely depend upon the lender and most importantly, your state’s laws.

Taking out a fast loan is a great way to cover unexpected expenses and is ideal for those with poor or no credit. Nevertheless, it is important to remember if you do not pay the loan back on time, it can damage your credit because the lender can and will report you to major credit agencies. Also, if you find yourself relying on fast loans on a regular basis, it may be a sign of greater financial problems so you may need to seek professional help. Always remember to borrow responsibly.