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Loan solutions | Tips to get a fast loan even with bad credit
A bad credit score can really mess up your chances of getting a loan. Whether it’s missed payments or a gaunt credit profile, tainted scores would get in the way of obtaining crucial financial loans. If you manage to get accepted, then you’ll probably have to pay exaggerated interest rates, most times exceeding 20%. But guess what? There are ways to go around that. You don’t have to let a bad credit score ruin your loan chances. If you really need the money, and want to get it fast, then here are some more information of the best ways to get your hands on a loan.
Go for logbook loans
Logbook loans will guarantee you a fast way to get the loan. You’ll have to stake your car for it though, but once you do that, the money may be in your account within hours. These loans also have a fairly low interest compared to unsecured loans, but you need to be assured that you’ll pay them. Apart from a speedy process, logbook loans don’t even need a sparkling credit score. In fact, going for such loans won’t even put you through any credit checks. But there’s a downside. Though you’ll still be in possession of your car, failure to pay the debt in time may mean that your vehicle is taken as collateral. Only go for this loan if you’ve got a stable income and are sure that you’ll be able to pay it back.
Apply to credit unions
Credit unions operate like banks, with one major difference; credit unions are owned by the association members and not profit-seeking institutions. These members normally have one thing in common, perhaps they work in a similar industry or live in a common location. Since these credit unions are non-profit associations, then getting a loan would not be expensive.
Joining one of these credit unions will get you in a better position to get a loan. Even with bad credit, these credit associations would be willing to help you out based on other factors such as your character or participation.
You’ll be better off if you have got a common similarity with the union you intend on joining. For instance, if you are a teacher, then join a credit union that caters for teachers.
Use a co-signer
A co-signer can help you secure a loan even when your credit score is tainted. The lending institution will use their credit score as opposed to yours. This will get you better rates and assist you in getting a loan without so many complications. However, the co-signer is equally responsible when it comes to paying the debt. Payment information reflects on both your score, and your co-signers credit reports. While early payments would boost both your scores, late payments can severely damage your co-signers score.