Can You Get Loan with Bad Credit Score?

Finance

Often you may not know in your life, at what situation you will suddenly need money. Particularly if your credit rating is poor then it can add further problem in getting loan at a better interest rate.

However, there are few lenders available in the market that will be ready to offer you guaranteed loans for bad credit too. You may have to pay a higher rate of interest than others.

However, while seeking such loans, it is necessary to decide your priorities of life. You cannot just seek such costly loan for anything that you want.

Following are few types of requirement for which you just cannot postpone and you have to immediately seek loan, even if it is with higher rate of interest.

  • Urgent medical treatment

If you have suddenly met with an accident or if any of your family member is seriously ill who needs hospitalization then you cannot hold the situation. Under such situation, you need to arrange for money even if it is at a higher rate of interest.

  • Immediate repair of home

In case your house has been damaged then too, you cannot afford to postpone the repair work, as it is a question of security of your family.

  • Repair of your car

If your car has suddenly broke down then you will need cash immediately for repairing, as you have to go for work every day.

There are bad credit loans available online. Also, there are few financial companies available in the market who can offer you loan. You can either prefer secured loan or an unsecured loan.

In case of secure loan, you have to offer papers of your car or home as a collateral while for unsecured loan there is no such requirement.

What are the requirements for getting a Loan?

In order to obtain any of the loans online, there are few requirements that you have to meet if you have bad credit score. They are the following:

  • You must be 18 years and above
  • You must have bank account for getting your loan and also repayment
  • You must have necessary proof of your regular income so that you can commit that you can return the loan with monthly instalments
  • You must have an active mobile phone for receiving calls or to get SMS text messages.

These loans are relatively costly loan and hence, avoid using them for buying any item or for any other expenses which is not so urgent or important.