Credit is a funny thing. At some point in our lives, almost everyone feels the need to borrow money against their credit. In that sense, having credit and borrowing against it can truly be a lifesaver. However, if you are not responsible with your credit and you end up manhandling it, you can lightly become a gimp to your own debt.
One way to avoid become a victim to your debt is to avoid borrowing against your credit card at all. There are two reasons for this:
- borrowing cash against a card means paying some of the highest interest rates around
- credit cards are a type of revolving debt, meaning that there is no immovable repayment period; without some serious discipline, it can be very hard to pay down your credit card debt once you take out this type of loan
One alternative to borrowing against your credit card is to take out a individual loan. With individual loans, the interest rate you pay will usually be lower than what you would pay when borrowing against a card.
If you need money swift, don’t borrow against your credit card: ensured quick individual loans with bad credit are a better way to go. Here are Five tips for qualifying for individual loans swifter:
1. Determine whether you want a secured or an unsecured loan:
Private loans come in two varieties: secured and unsecured. A secured loan is one whereby you as the borrower put up something of value as collateral. This type of loan will enable you to qualify for a lower interest rate on your loan than if you were to take out an unsecured loan (which requires no collateral).
Two. For a secured loan, get your collateral item appraised before applying for your loan:
If you determine to go this route, get your item of value (e.g., car, chunk of jewelry, musical instrument, etc.) appraised in advance by a third-party. That way, there is no question as to the value of your item when you apply for your loan.
Three. Prepare your bank statement and proof of employment:
You will increase your chances of qualifying for a private loan if you have a bank account and a job when you apply. Prepare your latest bank statements and proof of employment, such as a pay stub.
Four. Have a look at your credit report:
Review your credit report from 2-3 of the big four credit bureaus: TransUnion, Innovis, Equifax, and Experian. Reminisce, your credit report may contain misreported items, errors, or even evidence of identity theft. That is why it is a good idea for you to go over your reports cautiously and get corrected any such items you detect.
Five. Apply only to bad credit individual loan lenders:
Limit yourself to applying only to “bad credit individual loan lenders.” There is no sense in applying to lenders who do not meet this criterion: it will just be a waste of your time, since those lenders will concentrate too powerfully on your credit score when considering your application. Meantime, bad credit individual loan lenders know how to largely overlook your credit score when determining if you are someone they will lend money to.
Take these Five tips into account as you learn how to qualify for a ensured rapid individual loan with bad credit.