Préstamo de crédito incorrecto – ¿cómo conseguir uno?
You know how it goes: you need good credit to get credit. But, what do you do if you have no credit or, even worse, bad credit? It is still possible for you to get a bad credit loan. A few options are available:
Find a Cosigner
If your credit score is not high enough for you to get the loan on your own, a friend or relative may be able to cosign and help you get the loan. Before doing this, however, sit down and honestly assess whether you are able to repay the loan. If you default, your cosigner becomes responsible for your debt. This can hurt your loved one’s credit and lead to damaged or broken relationships.
Put Up Collateral
If your credit is less than pristine but you still have valuable assets, you may be able to procure a bad credit loan secured by collateral. Most banks will extend home equity loans. Have other types of assets such as fine jewelry, art or a luxury automobile? While pawn brokers have long been a standby of the poor, affluent folks now have the opportunity to get loans secured by their luxury goods that include estate jewelry, fine art and gold bullion. There are even luxury collateral lenders that will accept designer handbags. Before agreeing to any loan, make sure that the interest rate is fair and that you will be able to manage the payment plan. Make sure that you are clear on all terms so that you don’t risk losing your luxury item. Finding yourself thinking that you don’t mind losing it for good? You may be better off selling instead of taking a loan.
Look at Unconventional Lenders
If a bank won’t do business with you, look into peer to peer lending sites like Prosper or Lending Club. These platforms allow individuals to borrow from a pool of lenders. The lenders peruse open loans and pick who the lend to based on credit rating, what the money will be used for and the term of the loan. You will likely pay more in interest, but, a lending site can be an option when more conventional means are unavailable.
One Last Thing Before You Seek a Loan…
Bad credit loans are typically expensive, and you should give the matter careful consideration before pursuing one. No matter which options you are considering, think long and hard about why you need the loan. If it is for a necessity, will one loan solve your problem for good? If the loan is a stop gap measure, you will need to adjust your spending or increase your income to avoid another loan next month. Is the loan for a consumer good like a new tablet or phone? You’ll be better served by saving up. Every financial choice we make impacts our financial futures. Choose wisely to make the most of your future opportunities.