Your Brother's Bad Credit Guaranteed Personal Loans
Here's a scenario: your younger brother has a chronic habit of overdrawing his checking account, and the overdraft fees really stack up on him. This kid is generally suffering a cash crisis, and today is no different - his car has broken down and his wife has no way to get to work. Sounds like a case where he needs to look into bad credit personal loans.
But is this loan really right for your brother's circumstances? Yes; guaranteed bad credit loans are better than almost any other option your brother would have. Just the fact that they're guaranteed means they're going to be a smarter move for him, and also a much better situation for the lender who stands to lose money if your brother fails to pay the debt.
Most people don't even know what a guaranteed loan is; at least they don't know what the "guaranteed" part is. In this case a bad credit guaranteed personal loan means any loan given to someone who has behaved poorly with her credit in the past and now has to have some additional help to convince the bank or lending company to give her the money. Usually an organization to which the borrower belongs will back him up in seeking the loan - the Veterans Administration would be a good example of this.
If you belong to this kind of organization - something like the VA - then the bank is going to feel much more comfortable giving you the money than they would if it was just you on your own; considering your bad credit score. I recommend having a good discussion with the organization's president explaining your commitment to repay the loan and how dire your need for the cash really is.
Now, the situation might present itself where you've asked your organization's leader to help you get the loan, and for whatever reason she isn't comfortable with the idea; at that point you're on your own. You'll have to approach the bank without her support and see if there's any way to qualify without anyone supporting you. It's not impossible, but it's not easy; and you're likely to need some form of collateral to secure the bank's investment.
If you want the bank to give you that kind of loan you're going to have to give them a few things to let them know you're not a serious risk of non-repayment. The first thing will some fairly valuable possession of yours - it could be your car or a nice watch - for collateral. Other than that they will want you to show them some proof of income like your previous year's w2 or check stubs, and it would go a long way if you had some personal recommendations from credible people to vouch for your willingness and ability to repay your debts.
But is this loan really right for your brother's circumstances? Yes; guaranteed bad credit loans are better than almost any other option your brother would have. Just the fact that they're guaranteed means they're going to be a smarter move for him, and also a much better situation for the lender who stands to lose money if your brother fails to pay the debt.
Most people don't even know what a guaranteed loan is; at least they don't know what the "guaranteed" part is. In this case a bad credit guaranteed personal loan means any loan given to someone who has behaved poorly with her credit in the past and now has to have some additional help to convince the bank or lending company to give her the money. Usually an organization to which the borrower belongs will back him up in seeking the loan - the Veterans Administration would be a good example of this.
If you belong to this kind of organization - something like the VA - then the bank is going to feel much more comfortable giving you the money than they would if it was just you on your own; considering your bad credit score. I recommend having a good discussion with the organization's president explaining your commitment to repay the loan and how dire your need for the cash really is.
Now, the situation might present itself where you've asked your organization's leader to help you get the loan, and for whatever reason she isn't comfortable with the idea; at that point you're on your own. You'll have to approach the bank without her support and see if there's any way to qualify without anyone supporting you. It's not impossible, but it's not easy; and you're likely to need some form of collateral to secure the bank's investment.
If you want the bank to give you that kind of loan you're going to have to give them a few things to let them know you're not a serious risk of non-repayment. The first thing will some fairly valuable possession of yours - it could be your car or a nice watch - for collateral. Other than that they will want you to show them some proof of income like your previous year's w2 or check stubs, and it would go a long way if you had some personal recommendations from credible people to vouch for your willingness and ability to repay your debts.
About the Author:
If you've missed loan payments in the passed, you might need unsecured personal loans for bad credit, and Rick is an expert on how to get one. People on the other side of the pond who need cash should check out bad credit personal loans uk.
posted by Credit Counseling at
4:43 PM
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