What's the best way to get a loan with bad credit?
Thanks!
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M$5 Answers
Second thing is, I would strongly suggest rethinking your idea to get a loan. Sure, it will help with moving expenses, but if you don't have a job lined up before you go, you may be taking on more than you can comfortably handle, at least to start with, when you move.
I know how it is to be young, restless and want to get somewhere interesting and dynamic to seek your fortune. I've done it, and my little sister has done it. But you don't want to have rent, plus utilities, plus food, hanging over you, then also have a loan you've got to pay back.
If it's possible, I would recommend you and your friend saving up some money where you are now, before you move, instead of getting a loan. Even if it's only $500 or $1000 for each of you, it will help you in the long run in many ways.
1. You won't have another bill to pay when you get down state.
2. You will know that you will be able to cover moving expenses for the first month or two until you get settled and find a job.
3. You'll be building useful skills on how to do a budget and manage money that will help you down the road.
Sorry If I'm sounding like your mom here. To answer your actual question, if you are trying to get a loan with bad/no credit, a couple ideas:
1. Try a credit union. You usually have to be a member, and open a bank account with them with a certain amount of money in it, but their rates are very good and they can help people with bad credit.
2. Start building your credit. Open one account, say an account at a place you shop a lot, like a clothing store, grocery store, or something like that. Make a purchase on the card, and pay it off within a month or so. DO NOT LET THE BALANCE SIT THERE WITHOUT PAYING IT OFF. If you have the discipline to do this, it will help you to start building credit.
Remember, you can probably get a loan even if you have no credit, but because the people lending you the money consider you "risky," you will pay a ton in interest, which will cost you more money in the long-term, however long it takes you to pay off the loan.
Here are some good Web sites to help you learn about money management.
http://www.youngmoney.com/
http://www.mahalo.com/how-to-make-a-budget
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
1. Try to visit credit unions because they may be more than willing to offer you a loan with bad credit. They will look you closely personally instead of just looking at your credit score and loan application. Being up close or sitting across the desk from a human being can help you get a loan in spite of the bad credit.
2. You can also try peer to peer lending services. These are good option for getting a loan with bad credit by borrowing from individuals instead of banks who have rigid rules and high overhead cost. Individuals are also more sympathetic.
3. Peer to peer lending sites allow you to borrow from those individuals you don't know but friends and family may be an option for finding a loan since they know you and may be more than willing to take a chance. If you want to borrow from friends or family do it properly so that everybody is protected. If friends and family will not lend you they can still help. You can make them as a co-signer so that you can qualify for a loan with a bad credit.
4. You can use a collateral so that your loan will be approved even if you have a bad credit. If you pledge something of value, your lender knows you are serious and has a better chance of collecting some money.
4.
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M$
Excellent answer.