How To Get Loan With Bad Credit In Phoenix
Wondering how to get a loan with bad credit in Phoenix? The good news is there are a few options from which you may choose. Though bad credit can make it harder to secure a loan, it doesn't bar the way totally.
- Ask friends and family members. If you want to get a loan with bad credit in Phoenix, the best option may be to ask those who care for you. If you like, you can make the loan official by drawing up a loan agreement and adding on interest. You might, however, have an easier time repaying your loan if you make it less official.
- Seek credit counseling. Look for a Phoenix non-profit agency that offers credit counseling. If you can clean your credit up a bit before you apply, you may have a better chance of securing a loan. Even if you don't get the bad credit loan you seek, you may benefit from financial advice that helps you to get your act together.
- Seek out bad credit lenders in Phoenix. Research lenders who specialize in bad credit borrowers. Keep in mind, however, that you may have to offer collateral to secure a loan with bad credit in Phoenix. If you're attempting to buy a house, you may have to provide a larger-than-normal down payment. The general rule of thumb is the lower your credit score, the more you'll have to do to entice lenders to take a chance on you.
- Find a cosigner. If your aunt Marge or your brother Bill has good credit, do what you can to convince them to cosign for you. If you can manage this, you have a good chance of securing a loan, and you may even get a good interest rate. Remember, though, that if you default on the loan, you'll screw up your cosigner's credit as well.
- Consider other options. If you're having trouble getting a loan with bad credit in Phoenix, and you're really desperate, you may consider applying for a payday loan or a car title loan. You might even consider going to a pawnbroker. Just remember that these loans can be hard to repay and defaulting may make your financial health dramatically worse.
- Get a credit card. There are some credit companies that help people rebuild their credit. The interest is likely to be high, but this option may be better than a payday loan. Pay your bill on time, and you might even start to boost your credit score.
Posted on: Jun. 13, 2010