Love and money: two things that pretty much everyone agrees are needed to make the world go around. And, no matter how much love you may have in your life, without money you simply cannot afford to buy (or otherwise pay for) the things you need to live, thrive and survive.
Most of the time, balancing one’s checking account each month is a fairly straightforward process; over time, we get to where we can see what is coming down the road of our financial life and we can plan accordingly.
However, there are times in everyone’s life when an unexpected expense can seem to pop up out of nowhere and surprise us. Such expenses are never welcome, but they are a fact of life for everybody now and then. No matter how well we plan things out, sometimes our current cash flow will simply not cover those unexpected expenses.
When you face this type of surprise expense, you will no doubt immediately start thinking through your various options for how to pay for it. For example, you may decide to borrow money from a family member or friends. Or, you may decide to take out a personal loan from your bank or an online lender.
If you are looking for the best bad credit personal loans, there are 5 tips for faster personal loan approval that you should know.
The first tip is to decide whether taking out a personal loan is the best path to getting the cash you need. After all, you will have to pay interest on the loan, which you would not have to do if you were to borrow on a no-interest basis from somebody you know personally. And, the interest rate on a personal loan will be higher than it would be for, say, a home equity (second mortgage) loan.
The second tip is: consider saving money on interest by taking out a secured personal loan. You can reduce the amount you pay in interest on the loan if you are able and willing to put up something in the form of collateral. Anything of value – even a future paycheck – can be used in this way. A secured loan will have a lower interest rate associated with it than will an unsecured loan.
The third tip would be to explore your credit reports in detail. Be sure to order your report online from each of the Big 3 bureaus. Remember, if you are a U.S. citizen, you will get access to each report one time per year for free. Knowing the contents of your reports will better prepare you to negotiate the details of the loan with your bad credit personal loan lender.
Next, as a fourth tip, locate some viable bad credit personal lenders. You will want to make sure that your list has at least 5-7 lenders on it: the more lenders on your list, the better your chances will be of getting that perfect interest rate and overall loan offer for you.
Finally, the fifth tip is to simply be savvy when negotiating with the lenders on your list. Being savvy means not taking for granted anything that they say or offer. Do not agree to any loan until you have read all of the fine print. And, of course, be sure to explore all of your loan options before you sign any personal loan agreement.