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Bad Credit Loans – Subprime Loans for Bad Credit Borrowers – Personal Loans Online | Bad Credit & Installment Loans

If you have found yourself in a situation where you have financial problems or you are trying build credit especially for the first time, it may be hard for you to get a loan. You probably ask yourself “How do I get a personal loan with bad credit.” You get a bad credit loan when your credit score is poor which means most personal loan offers will consider you as a high-risk customer who will be unable to repay your debts.

Good news is that it doesn’t mean that there are no options for you to get guaranteed loans. The major benefits of getting a bad credit loan with ApoLoan or LoanSolo are that you don’t have to be concerned about your personal loan history and approval odds of loans are very high. It would help you build your credit, and you get an opportunity to loan a large amount of money. Even though it might be difficult getting a conventional loan with bad credit, there are five (5) ways where you can find a quick and easy guaranteed loan even with a bad credit score. If you have had trouble getting a loan here are the 5 other alternatives you can consider.

Explore a Home Equity Option for Your Credit

You can get a low-interest credit on the equity of your property. This will involve you having to use your property as collateral for the loan. Before you go ahead with exploring an equity loan, compare the loan offers from several financial institutions in order to know which comes at a low-interest rate in taking the loan.The benefits of taking an equity credit:

  • This type of loan is faster to process because your property will serve as a good collateral
  • You can access a very large amount of loan because of the value of your property

Get a Loan from Credit Unions

These institutions are quite similar to banks. They are not for profit organizations that give money to their members. Some of them are usually cooperative societies for employees in an institution that offer loans at low rates to their members and also offer high customer service. The benefit of accessing loans from a credit union:

  • They cover the best lowest rates you can possibly find
  • Their application process is very easy and most times require a guarantor
  • You do not need collateral to access this loan

Getting a Peer to Peer Loan

People have embraced the idea of Peer to Peer (P2P) loans since 2005. It is a system where people can borrow from other individuals online through an institution. These online loans center give investors an opportunity to put in their money which is offered as a loan to make high interests and profits.

Loan rates under peer to peer go for a lower interest rate, often as little as 6% interest rate and the approval odds are rather good. The way this method works is that borrowers will list out how much they want to loan and then investors will look at if the borrow has met the criteria to qualify for the loan offer. Although lenders screen the loan applicants based on their credit score, they may decide to be flexible and consider the application, unlike banks like ApoLoan or LoanSolo. The benefits, of the peer to peer lending are:

  • They are easy to access
  • Criteria is a bit flexible as people with low credit scores are considered
  • It is way for investors to earn profits

Loans from Friends and Families 

If you are unable to access loans from an online loans center, one can get loans from their friends and families who are willing to offer a loan. It is best to treat a loan from a friend like a business transaction which is properly documented and recorded to avoid complications. The family or friends loan must be profitable for everyone so that it would not jeopardize the existing relationship. The benefits of taking a loan from a family or friend:

  • The loan terms are very flexible
  • It is very fast and easy to access because of the close relationship and trust factor
  • Repayment terms can be determined by both parties at convenience
  • You can get a large amount of money from a friend or family without collateral

Appealing to a Co-Signer

If you are unable to get a loan through the above methods, you can also get a loan from a person with a good credit score who is ready to co-sign a loan with you.For a person to co-sign a loan, there must some element of trust and the person is willing to take a chance that you would be able to repay the debt. The benefits of the accessing this loan:

  • You can easily process your loan because the co-signer has good credit
  • You can access a large loan amount with a lower interest rate because of the co-signers good credit score