Getting a Personal Loan When You Have Bad Credit

Bad credit or no credit can be a major roadblock in trying to obtain a loan.  Your credit score indicates how likely you are to pay back your rent, as well as how risky you may be to lenders.  Credit scores typically range from 300-850, and are based on a variety of factors like your amount of debt, how long you’ve acquired debt and payment history. Fortunately, bad credit does not have to be permanent.  There are several alternatives available that can help you rebuild your credit or obtain a loan in order to re-establish your credit.

Pay your bills on time is the best way to ensure a healthy credit score.  Credit scores can start declining if you are only one month behind on a bill, so it is important to pay bills within their grace period.  Consistently manage your finances in order to avoid the problem at hand.

Consolidating your loans allows you to not be penalized for having too many outstanding balances.  A bill consolidation loan can let you consolidate all your bills, and debt consolidation loan can consolidate cars, boats or other assets you may own.

Use your credit card cautiously and be conscience of your purchases.  Keeping up with your payments?  That won’t be enough to prevent your credit from being negatively affected if you quickly and completely max your card out. 

Ask for help.  It may be necessary to attain a loan in order to rebuild your credit.  At Citizens, we understand each credit history is different, and it’s our goal to treat each situation individually and uniquely.   There is a way out, and we will do our best to arrange a loan that best suits your needs.

If you are trying to obtain a loan with poor or bad credit, contact us today or apply online