Co-Creating with God

Ignite Your Light & Business with the Power of Connection




Is It Possible for People With Bad Credit to Get a $30,000 Personal Loan?

by
web site

Send Feedback to Melissa Kellett
Print
About Author
Report Problem
Tweet This

Share on Facebook Pin it




The common point of view is that if a person's credit score is low, they will not be able to to land a loan, or financial assistance of any kind, for that matter. Nothing could be further from the truth. Possibilities exist for a person to get a rather large loan even if their credit score is quite low. What's more, they will probably be able to find financing for a long term or a short term loan, based on their monetary position or ability to repay.

Two Types of Possibilities

Generally, personal loans for up to $30,000 for people with bad credit, come in two types -- secured and unsecured. A secured loan is backed up by fixed assets presented as collateral to guarantee the lender does not lose all should the borrower default for whatever reason.

These assets can be in the form of a home or other property, or anything of real value, such as silver coinage or vintage automobiles. Owning these can facilitate the acquisition of fast financing. With such valuable assets, the borrower may even enjoy rather low rates of interest and more favorable repayment schedules, even if they do have bad credit.

Co-Signers Increase the Possibilities

The other type of loan is regarded as an unsecured loan. If a person does not own anything of considerable value, this type of loan is facilitated by approaching a friend or family member to act as a co-signer. They may be willing to act as such and perhaps feel more comfortable in that role, rather than lending the cast themselves.

If the co-signer has relatively good credit, the loan application process should advance with considerable ease. It is incumbent on the borrower to be sure to have the financial wherewithal to repay the loan so as not to penalize the person kind enough to act as a co-signer. The co-signer will be responsible for the full amount of the loan if the primary signer defaults on repaying the loan.

Sources Can Be Crucial

Applicants still have a high degree of success in finding a personal bad credit loan of up to $30,000 even without collateral or a co-signer. Prerequisites would be a stable job and a fixed monthly income. Of course,disadvantages exist. Lenders will probably exact higher interest rates and repayment terms may be somewhat less flexible since the lender is taking considerable risk offering money to a person who does not have a good record of repayment.

It is crucial to search for the loan in a welcoming venue. It goes without saying that a person without a good credit record would find a search for a loan from traditional lenders such as banks or credit unions as rather fruitless. Non-traditional lenders who specialize in making loans to folks with bad credit would be the best source.

Prove You Can Make the Impossible Possible

The bottom line is, no matter how bad a credit record, chances of finding financial assistance is not impossible. Fixed assets, a co-signer, or a steady income will usually pave the way for a lender to help a person with a bad credit loan of up to $30,000. When these conditions are met, a lender usually will have no problem extending a loan. It is just a matter of knowing where to look and what sources the borrower may have available to tap to ensure repayment.

Melissa Kellett has a Master in Finance and has been a financial consultant for years. She specializes in Home Loans for Bad Credit people and also in helping people to get approved for Bad Credit Personal Loans, unsecured loans, Small Loans for Bad Credit, no credit check loans, student loans among many other financial products. Visit her site at http://www.speedybadcreditloans.com

Please scroll down to leave a comment below...

Contact the Author

Melissa Kellett
Personal Loans for Bad Credit Fast
Melissa Kellett's web site

awesome comments



This article has been viewed 763 time(s).

 

 



Be featured on our site and connect with other Christ-centered entrepreneurs.
Click here for details.