Not yet registered? Create a OverBlog!

Create my blog

How to get free bad credit personal loans

If you are in search of a personal bank loan, then you probably already know that there are two such options available to you: the unsecured bank loan and the secured bank loan. In general, you will find that an unsecured bank loan has a higher interest rate as there is no collateral. On the other hand, a secured personal bank loan has collateral associated with it. With bad credit rating, you will face a little trouble in getting loan.

Do some shopping

When qualifying for a personal loan, you have to find one which suits you both in terms of need, as well as financially. The best way to do this is to perform some shopping. Look around for different lenders who offer worthwhile personal loans at affordable rates. Use different loan quotes, both online and locally to perform side-by-side comparisons to find the lender offering the best loan deals, as well as the best rate loans.

Filling out a loan application

After searching, proceed to fill out the respective loan application forms. You will need to fill out general information relating to your name, address, as well as date of birth. Moreover, when filling out the application, you will need to fill out your financial information. This includes your employment, monthly salary, relations with other banks, etc. Moreover, opt to pay the maximum amount as down payment due to bad credit score. If required, get a co-signer whose credit rating is high.

Obtaining financial documentation

As you have filled out your financial information on the loan application form, you will have to provide documentation to provide proof of your current situation. Different lenders have different requirements in this area. However, you can expect to be asked to provide a letter from your employer validating your monthly income, as well as job security and monthly statements from your local bank.

Providing collateral

UK secured loans will require you to provide collateral. This has the benefit of lower repayment terms, as well as interest rate. You have to ensure that the collateral you provide has equal or more value than the loan you are applying for.

Cross-check application form and supporting documentation

Ensure that you crosscheck your application form and supporting documentation to ensure that there are no errors. To successfully qualify for a personal loan, whether secured or unsecured, your application form and supporting documentation need to be correct and thorough.

Same category articles Banking

How do I use a savings calculator?

How do I use a savings calculator?

Many people have a set goal in mind when it comes to their savings. Due to that, they will want to know how much they will need to put into their savings account to get to the total that they have in mind, or how much they are currently putting in each month will add up to at the end of a term.
How to get the best personal loan rates

How to get the best personal loan rates

Personal loans are an important financial tool for people who need money now, but want to pay the money back over time. Personal loans are often used to pay for bills, send kids to private school or college, to upgrade a home or buy furniture. If you need a personal loan, there are steps that you can take to ensure that you get a low rate loan.
Abbey National mortgage: Pros and cons

Abbey National mortgage: Pros and cons

Abbey National have now become part of the Santander group, so all bank loans for home owners have defaulted to theirs. However, there are many people who question whether to opt for Abbey National loans through Santander or not. It is worth looking into the pros and cons to find out more and you can do that by looking through customer reviews. Here are the main advantages and disadvantages of the mortgage from this bank.
Instant payday loans: The facts

Instant payday loans: The facts

Payday loans are small scale borrowing for short periods of time. This system has some very clear short term advantage, but also has its critics claiming these online lenders are little better than loan sharks.