(Gloucestercitynews.net)(July 17,2019)--Nobody likes to borrow money, but sometimes you can't get around needing a loan. You have bills to pay, and not enough money to pay them.
But sometimes getting a loan is tough. If you have bad or no credit, many lenders won't give you money.
You aren't alone in this. In 2015 there were 50 million Americans that had no credit, making it hard to get loans and credit.
Are you saying to yourself, "no one will give me a loan,"? This post can help.
Below are five things you can do to get the loan you need.
1. Get a Co-Signer
It's hard to get a loan when you don't have the credit to show that you're trustworthy. Why would a lender give you money when they can't see a good history of credit?
A co-signer can help with this. Having someone co-sign your loan means that they will be responsible for the balance if you can't pay.
If you have good friends or family, ask them to help you get your loan.
2. Build Your Credit
If you don't need your loan immediately, try to build your credit. If you have no credit at all, apply for a secured credit card.
You'll have to pay a deposit, but this will get you a credit card to build your credit history. Pay it off every month, and after six months you should have some credit that will show repayment history.
3. Find a Loan for People with Bad Credit
Not all loans will disqualify you if you have bad credit. It takes more work to find one, but they do exist.
Find a list of loans for bad credit to see what they have to offer. You may not get as good of a deal, but you'll get the money you need.
Just make sure you pay them off as soon as you can, so you don't pay more interest than you have to.
4. Find a Credit Union
A credit union works like a bank, but they're non-profit. If you can't get a traditional loan, try to join a credit union and request a loan from them.
The good thing about credit unions is that they don't base your loan entirely on your credit history. You'll have a better shot at getting the money you need this way.
5. Get a Secured Loan
A typical loan is just a cash deposit that you pay off over time, with interest. A secured loan works a little differently.
If you don't have a good history, a bank will need more of a reason to trust you. A secure loan does this through collateral. Your home and car are a few of the things you can offer.
Collateral will give the lender something to recoup if you fail to pay back what you owe.
Don't Say "No One Will Give Me a Loan" Anymore
Sure, you could keep saying "no one will give me a loan". Or, you could use the steps above to get the money you need.
Plenty of people manage to get loans with bad credit. You can do it too.
Once you get your loan, you can relax for a little while. Head to our homepage to learn about the latest news in the area.