If you obtained a home
loan with a poor credit score or at a time when interest rates were high, you may be able to obtain a lower interest rate by refinancing.
If you're looking to secure an
auto loan with poor credit or low income, another way to get approved is to put down a larger down payment.
On the other hand a home
equity loan with poor credit still has a fixed interest rate and you receive the entire $ 50,000 or whatever your loan is for, all at once.
Applying for a
personal loan with poor credit can often be an extreme exercise in persistence as you search for a lender that will look past your low score.
Typically, an application for a personal
loan with poor credit needs to include two forms of identification, such as a drivers license and passport, while a utilities bill is often also requested to prove residence.
While a guaranteed approval
on loans with poor credit is never completely assured, it is much more likely that a successful applicant can be made at a bank where the account of the applicant is set up, and has been for some time.
If you are get a
mortgage loan with a poor credit score, and then make your mortgage payments on time, you are likely to be able to refinance in 6 months to 1 year for a much better interest rate.
For instance, Operation HOPE is set up to bringing assistance to those in low - income areas who may need assistance
securing loans with poor credit scores.
The major benefit of applying for an unsecured
personal loan with poor credit is the ease of the application process and the lack of collateral requirements; disadvantages include higher interest rates and tighter repayment terms.
Instead of wasting time and energy trying to persuade a bank to give
you a loan with a poor credit history, investigate certain financial institutions that actually provide bad credit loans as one of their services.
How can you get
a loan with poor credit or no credit history?
Given that you can potentially qualify for
a loan with poor credit, the interest rate may be higher than other loan types.
Considering these factors, a lender will be more likely to approve
your loan with a poor credit score.