Personal Loans For Bad Credit
Many people have gone through the same thing, they have a job and they need money but they can not get a loan. Sometimes it is for school, other times it is for a business, and sometimes they just need money to make ends meet. So what happened? Why can't they get a loan? The answers may surprise you.
In high school were you taught anything about personal finances? The answer for most Americans is a resounding no. If you missed the boat then you likely started taking the credit card applications that you received the second you turned eighteen and spent the money. Since then reality has set in and you realize that credit is not free at all and in fact costs a lot of money.
In fact as you spent away the money buying food, designer jeans, and other forms of entertainment you were also missing the occasional payment and have now defaulted on at least one card. This causes major damage to your credit history and makes it so that the only loans you can get are bad credit personal loans.
Of course none of this is the end of the world. You can go about and fix quite a bit in a short time and fix the rest over the next few years. And lucky for you there are still the bad credit personal loans. Get all of your credit information and even a credit score.
Now that you have done a full accounting of your spending and debts it is time to look at the credit history and reconcile it with your actual bills and debts. Does it add up? Oftentimes the credit scoring services will have a few errors. If it has errors fix them and if it doesn't then move to the next step.
Now go through and pay any small debts that you can. You may have two hundred dollars at thirty percent interest. Pay that off and move to the next debt and so on. After a while you will have paid off all of your high interest debt and you can focus on what is usually the biggest but lowest charging debt.
Often times these steps in and of themselves can help you get a better loan. But if it does not do enough fast enough then you can still get a bad credit personal loan. But ideally you avoid the high interest payment loans.
Going forward you will still have a damaged credit history for a while but if you are diligent and continue to fix and pay your debts off your score will come up considerably over time. Make sure that you are dedicated so that can have a better financial future and that you wont need more bad credit personal loans.
In high school were you taught anything about personal finances? The answer for most Americans is a resounding no. If you missed the boat then you likely started taking the credit card applications that you received the second you turned eighteen and spent the money. Since then reality has set in and you realize that credit is not free at all and in fact costs a lot of money.
In fact as you spent away the money buying food, designer jeans, and other forms of entertainment you were also missing the occasional payment and have now defaulted on at least one card. This causes major damage to your credit history and makes it so that the only loans you can get are bad credit personal loans.
Of course none of this is the end of the world. You can go about and fix quite a bit in a short time and fix the rest over the next few years. And lucky for you there are still the bad credit personal loans. Get all of your credit information and even a credit score.
Now that you have done a full accounting of your spending and debts it is time to look at the credit history and reconcile it with your actual bills and debts. Does it add up? Oftentimes the credit scoring services will have a few errors. If it has errors fix them and if it doesn't then move to the next step.
Now go through and pay any small debts that you can. You may have two hundred dollars at thirty percent interest. Pay that off and move to the next debt and so on. After a while you will have paid off all of your high interest debt and you can focus on what is usually the biggest but lowest charging debt.
Often times these steps in and of themselves can help you get a better loan. But if it does not do enough fast enough then you can still get a bad credit personal loan. But ideally you avoid the high interest payment loans.
Going forward you will still have a damaged credit history for a while but if you are diligent and continue to fix and pay your debts off your score will come up considerably over time. Make sure that you are dedicated so that can have a better financial future and that you wont need more bad credit personal loans.
About the Author:
Kevin teaches about personal loans for people with bad credit and loans for people with bad credit.
posted by Credit Counseling at
6:17 AM
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