Poor Credit Unsecured Loan

Posted by admin on November 3rd, 2009 at 12:00am

Question:
Who will give us a poor credit unsecured loan?
We do not own a home, but we wish to get a loan for a deposit for renting a house. So far we have been denied by many companies. we have to move soon but don’t know which lenders to send applications to. A lot of them want money up front but then are not able to find us a loan, and end up leaving us with even less funds. Can somebody please help us? Thank you.

Answers:
You are going to get harmed by lenders. Have you attempted asking your prospective building manager for an alternative arrangement, where you provide something as security, and in return, issue the deposit through instalments rather than going to a loan shark? The current regulations on rental property deposits basically mean that the building manager may not benefit from the deposit of the bond, and have to hand it back within two weeks, and therefore not Speak with to them and tell them the situation as by having to go to a loan shark, you might also be putting your future rent money at risk if you are in a position where money is tight, and you need to decide. Discuss it through. It should be advantageous to you both in order to be straightforward.
Best of luck, and ask me if I can assist you further.

If you have poor credit start repairing it by sending small payments. A poor credit unsecured loan is not the only solution you have. If you have a really valid reason for why your credit is poor some bankers will consider it. For instance, medical bills or a divorce are sometimes taken into discussion. You just have to put it in writing and let them know that you are making payments on all of your current bills.
You may have assets with which to secure a small loan. A car, jewellery, a stereo can all be considered as collateral.
Furthermore, a small bank may be willing to finance you. Big banks have the luxury to turn a lot of borrowers down.
Something to keep in mind is that banks also discriminate borrowers by character, which means that you should sell yourself too. Dress well, speak well, fill in the application completely and without error. Character tells a lot on whether or not you can be trusted.

Under Poor Credit Questions