Getting A Bad Credit Unsecured Loan
When you need cash quickly and do not have the credit for a traditional loan, look into getting a bad credit unsecured loan. This type of loan may be used for a vacation, an unexpected bill, automobile repair, or to improve your credit. This loan is quick and easy to get compared to a secured loan.
A secured loan requires quite a bit of documentation and something of yours that is of greater value. This is usually your home. It can take some time to get approved as well. An unsecured loan can be approved in as little as 24 hours. You don't need anything to secure your loan, no collateral is necessary.
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What is necessary is employment. The financial institution that provides the loan will need to see how you will be able to pay it back. This becomes even more important since you are not using something to secure it. Typically you will need to have been employed at your current job a minimum of two years. There are some loans where it just has to be three months.
When it comes to repaying this loan it is a relatively short period of time, compared to a typical secured loan. It could be as little as one year or as long as ten years. This is determined by which financial institution you choose and how bad your credit is. You need to know what your credit score is. This will help you decide between using your bank or an outside institution. If you have a credit union look there as well, you may get a better interest rate.
It is best to take the minimum amount of money necessary to cover what the loan is for. It can be tempting to take more but above all else you need to be sure you can repay it. Find out what the final monthly payment will be including any fees and the annual percentage rate. Choose an amount that will allow you to pay the minimum monthly payments plus a little more. Look out for early repayment penalties as well.
If you are rebuilding credit, paying a bit more than the monthly minimum will guarantee the loan is paid back and sooner than the term expected. A loan paid back with on time payments and with more than the minimum reflects positively on the credit reports, thus improving your credit. The amount of the loan may be from $500 up to $10,000. It can be as high as $25,000 with an institution you are already established with.
A bad credit unsecured loan may help with a rough financial patch or help you clean up any credit issues. It is important you compare companies, terms of repayment and interest rates. This area of lending is competitive and it is not necessarily true that you must pay the highest interest rate because of bad credit. Be sure to check just how bad it is first then look into your options. Your bank can be a great help here and can suggest ways to improve your credit.
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