Bad credit Loans companies

The First Stop, Try Getting a Loan through Your Bank

Before you apply to various places for a loan, always check with your bank first. The bank should be where you do your everyday checking. Your bank has all your information regarding your direct deposits, average daily balance, and number of times you had any overdrafts.

All this information will be considered when applying for a loan. If this isn’t successful, then follow the steps below.

Do Your Homework Before Applying for Loans

Here’s a pro tip when looking for a personal loan. The web is flooded with lead generating companies. For example, when you do a quick search for “loans for bad credit”, you’ll see a mixture of direct lenders and lead generators. A lead generator basically collects your information and matches you with a lender. The problem with this is that you’ll have a handful of emails and phone calls coming in for the next week.

If you look at the bottom of each website, there should be a disclaimer. If you see something a disclaimer that says something along the lines of…

“The operator of this website is neither a lender nor a broker. This Website merely takes information from consumers and forwards it to lenders who offer the types of loans…”

…then you’re giving your information to a marketing company. Always make sure you’re going directly to a lender to avoid all the solicitation emails and calls.

Make Sure the Lender Pulls a Soft Inquiry

When you’re applying for a loan, make sure the lender is pulling a soft inquiry. Credit Karma does a great job differentiating the differences between a . In a nutshell, soft inquires do not affect your credit score and can only be seen by you.

This is important because a hard inquiry will actually hurt your credit score. If a lender sees a hard inquiry on your report without a corresponding trade line associated with that company, it’s presumed that you weren’t offered a loan. Companies like and both pull soft credit reports.

In addition, it’s also important to make sure that the lender is reporting back positive payment history to all three major credit bureaus. This is crucial and an important stepping block in rebuilding your credit.

Does the Lender Charge an Origination Fee?

This is exactly similar to when you purchase a home or refinance your mortgage. The lender will charge you an origination fee for lending you the money- usually about half a percent to one percent.

The term “origination fee” can be twisted. Some lenders may call this a service fee. No matter what it’s called, make sure you look at your rates and terms in great detail. Lending Club, for example, charges a fee between 1.11% to 5.00%. This amount is deducted from your loan proceeds, so the loan proceeds you receive will be less than the full amount of the issued loans.

Preparing For the Final Moment- Submitting Your Loan Application

Before you submit your loan application, make sure you’ve done everything you can do improve your credit score. Lenders use sophisticated models to determine if you’re approved or not, so even a few points can make a world of a difference. Try to be added as an authorized user from a friend or family member. Try to pay down your debts to under 30% debt to income ratio. And finally, make sure there are no inaccuracies on your report.

When submitting your application, it’s important not to falsify information. Lenders will tend to verify your income, and once you’re denied, most lenders won’t allow you to apply for a certain number of days.

Responsible Borrowing Is Good Borrowing

Here’s the honest truth. If you’re looking for a personal loan and have bad credit, chances are that you’re not going to get favorable terms. The interest rate will most likely be on the high end, so you’ll need to plan in advance for this. Before you begin to take out that personal loan, make sure you have all your safeguards in place. You’re now going to have an extra monthly payment that’s going out the door.

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