Some people are aware of the fact that their credit is bad and it is pretty obvious that getting a regular loan with low APR and interest rates is impossible in such circumstances. It seems that there is no other choice but to borrow money from a personal loan firm that doesn’t check and care about our credit history. But the question is, where such a company can be found and is that safe? There are a few steps to follow in order to get the most advantageous and trusted loan.
STEP 1: DON’T HURRY
Before you make a decision about borrowing money, you should ask yourself about your aim. Why exactly do you need money? Do you consider your current situation an emergency? You may think that a loan is your last chance and the only option you have. But is that really the case? Answering “yes” to most of these questions may be a sign that you really need money. The most important step is to know, why do you want this money to be in your pocket. Is that because your fridge is empty and you have to wait for your wages or maybe you expect to disconnection of electricity or water supply? If so, that might be the right moment to search for help.
You need to make sure that your credit is bad. To do that, you may want to visit one of the numerous websites that offer to check your score for free. Remember that loan firm that offers bad credit loans doesn’t do that.
STEP 2: CHOOSE THE BEST OPTION
You’ve made your decision and now you have to choose between a lot of personal loan firms that offer bad credit loans. It’s obvious that you need to search for the best lender on the Internet. Thanks to different websites (such as https://siloans.com ) you can compare lenders, check their APR, interest rates, and credibility. You want to choose the best possible option, so you might as well be interested in “top lists” of personal loan firms. Using more than one source during your research is a very good idea. This way you can gain confidence and be sure that your choice is the best.
According to most of rankings on the Internet, the most popular and well-respected personal loan firms are: 1st Stop personal loans (APR : 18,2%, rate 8% p.a*), Citrus Loans (APR: 18,9%, rate 18,9 p.a) and Opal Loans (APR: 29,9%, rate 10% p.a).
After choosing your lender, you need to think about the type of loan that will suit your needs. Most popular kinds of bad credit loans are:
- Secured loans – you secure your loan, thanks to this interest rates become lower;
- Unsecured loans – are a good option for those clients who don’t own anything to secure a loan;
- Instant approval loan – you get the approval the same day you apply for the loan;
- Guarantor loan – you need someone who agrees to repay your loan if you won’t be able to do it;
STEP 3: STAY FOCUSED AND BE PATIENT
You are sure about your lender, now it’s time to read the terms of your loan (remember to do it carefully) and fulfill the formalities. Make sure that there are no hidden payments, fees and other flaws (there shouldn’t be, you’ve chosen a good and trusted lender!). When you fill the forms, make sure that you write everything correctly. Remember that you shouldn’t lie about your employment, wages and marital status – that won’t help you. When your forms are ready there’s nothing else to do. Stay patient and after a while check your final score. If you have a stable job and salary, it should be obvious that you will be qualified, after all, we aim for a bad credit loan.
Remember about your aim and don’t spend borrowed money on something you don’t need or never planned to buy. You’ve reached for help because of an emergency so use it to solve your problem, not to create another. Be sure that you pay installments at the right time!
* p.a – per annum/per year