Do you have a mishandled loan account in the past? Having a bad credit will actually reflect your overall credibility and this is known to other financial companies thus, giving you a hard time applying for a new loan. Therefore, if you try to apply for a new loan in a bank, you might be rejected outright since banks are very strict when it comes to the person’s loan handling in the past. Financial institutions have access to the loan history of their clients thus, even if you didn’t declare that you have a loan in the past, they will still be able to get your record.
Because of your bad credit record, you will assume that there’s no way for you to re-apply for a loan and be granted a loan. But this is not the end of it yet because lenders are willing to take risks for persons like you that have mishandled loans in the past and they are willing to grant you a loan. But in order to avail of the loan, you must first qualify their minimum requirements.
Of course, the first qualification is for you to have a mishandled loan account as well as having the minimum age requirement of 18 and maximum age of 65. Next, you need to have a regular source of income. Your source of income will dictate whether you can actually be granted with a loan. Also, it is required that you have a constant form of communication so that you can be reach anytime especially if there are concerns during pre-booking and post booking of your accounts. You are also required to have a credit or debit card that will serve as your mode of payment. Finally, don’t forget that you are required to have your own bank account or accounts so that you can withdraw anytime you need it for payment.
This type of loan is designed to favor the needs of those who have suffered bad credit records since they offer special terms and interest rates. Because of these special terms, you can easily pay your monthly loan obligation. The loan that will be granted based on the computation and will depend on the paying capacity of their clients. Although you have an existing bad credit record, there is still a way for you to improve your paying habits by making sure you pay in time. There are many lenders out there that are willing to grant you a loan.
You may opt to offer your collateral such as real estate or car for you to be granted a loan and pay it in installment, too.