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Getting A Personal Loan When It's Difficult

Feb 25, 2008
First of all you can always get a personal loan. The question is, what are you willing to live with, provide or gamble with in order to acquire this personal loan?

There are all kinds of fraudulent loan services out there that try to pull you in with their sweet promises of guaranteed loans even if you have bad credit, or if you have been turned down in the past.

Many don't tell you, or try not to tell you that they will charge you an arm and a leg in interest on your loan. Basically, anyone who offers a loan for people with poor credit could be looking for those people with economic problems so the lender can charge higher interest rates and excessive fees.

If you have credit problems, a little time of searching beforehand can help you get approved, and can save you a lot of money in interest charges. It really doesn't take that much longer to find out what the lender wants and then you take care of the problem beforehand.

Try to get your debt to available credit card ration under 50 percent. If you have several credit card payments, try to take one of your cards and pay it off, even if you have to make a smaller payment monthly.

Just be sure to make at least all of the monthly minimum payments to keep everything current. Also, a good point is not to cancel a credit card after you pay it off. Keep it active and charge a little here and there and pay it off each month.

The next tip is regarding your credit score. Before applying for any type of loan, ask the lender what credit bureau they use. For example, if you are buying a car, find out what lenders the dealer uses and what credit bureaus.

If you need a personal loan from a bank or credit union ask the institution which credit bureau they use. Then find out what the lowest score these banks, or institutions will accept.

Next you need to obtain a copy of your credit report and your score and check to make sure everything is correct.

Suppose that you have a low credit score due to problems you may have had in the past. Talk to the lender and see if they would do "hard cases." If not, don't apply and continue to look for another lender.

At least you will now know why you are having such a difficult time in obtaining a personal loan and will be able to start working on your credit status to improve it.
About the Author
Court provides information about student loan consolidation programs and helps people refine their internet marketing services.
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