Usually emergency situations, though not always, can put a person in a situation where they need to get their hands on some cash fast. But, as the saying goes, haste makes waste. Whatever your circumstance may be, if you have all your ducks in a row, you can speed up the loan application and approval process considerably. Though many lenders do not require it, check your credit scores just so you can clean up any inaccuracies and so you will know where you actually where you stand.
Check your budget and figure your needs
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You need to do a quick assessment of how much you can afford to make in monthly payments after you meet all your regular obligations. Then you need to figure out how much money you need to smooth out your financially bumpy road. Try to make those two amounts match up with whatever compromise is necessary. You may have to amend the amount you borrow or figure where you can scrimp on another budget item. Never borrow more than you need or can afford.
Gather all your documentation and meet the requirements
Most bad credit loans are made without collateral so the lender has little security except to know as much about you as possible. Be prepared to present the following documentation:
You are going to need proof of identity. This can be a driving license, military identification, passport, or other legitimate, government issued identification. Usually 21 years of age is required. Some lenders what two legitimate identifications.
You are going to need proof of residency. This can usually be satisfied with a utility bill that matches the address on your identity. Some lenders like to see some stability in residency.
You are going to need proof of employment and salary. This can be in the form of pay stubs or paycheck bank deposit information. Most lenders like to see employment of 3 months, some want more. You must clear at least $12,000 a year to get any loan.
You are going to need banking information. The lender is going to want you to have an active banking account. The best would be a checking account with a direct deposit option.
You are going to need credit back up information. While not all lenders will require you to undergo a credit check, if you have any paperwork showing that you have taken loans and paid them off successfully, this will help smooth your way to landing a loan.
Start shopping for a lender
Many lenders offer bad credit loans for up to $10,000. Once you have all your documentation it is time to start shopping for your loan. Your first considerations are going to be finding a lender who can lend the amount you want and get it to you in the time you want. After that you have to pick the one that offers the best in terms of interest rates and repayment terms. The difference of just one interest rate percentage point can make your loan affordable or prohibitively expensive. You have to have repayment terms that you can afford, that you can feel comfortable with.
Online lenders may be your best option
Many people have bad credit in these recessionary times and traditional lenders will not lend to them. Private lenders have stepped in to fill the need. You can find brokers online who will take your general information and supply you with a list of lenders who will probably accommodate your needs. You should check each of these out with the Better Business Bureau or in online personal finance forums before you start dealing with them. As with any online transactions, take care to protect your identity and your financial information.
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