Tips on How to Apply for Personal Loans

By: Larry Kearney

Your First Step

Look for programs that can help you to rebuild your credit. There are a number of small banks that will offer you a secured major credit card that would require you to deposit about $200.00 into there bank.

Secured Credit Cards

Use there card, pay on-time and after 6 month they will return your security deposit and offer you a unsecured credit card with a credit line of up to $2,000. They will also report your on-time payments to the credit reporting agencies. This will go a long way in rebuilding your credit history. Never pay an application fee to join a credit card program. If you are dealing directly with a bank, there is never a fee to apply.

Other Ways To Build Credit

Auto Loans

If you have a job, you can always get approved for an auto loan.
This is not one of the best ways to build your credit but it's a start. In order for this option to work, you must always send in your auto payment in before the due date.

Retail Store Credit Cards

Retail store credit cards are a lot easier to get approved for than a major credit card. Most retail store cards will only allow you to use the card in their store. This card will help to rebuild your credit as long as you pay your payments on-time.

How To Get Personal Loans

Everybody wants a personal loan. If you do not have an A1 credit rating, do not waste your time applying for a personal loan with a major bank.
They only offer personal loans to individuals that have an A1 credit rating.

Here Are A Few Options If You Have Less Than Good Credit

Join a credit union

You have a much better chance of getting approved for loans or credit cards as a credit union member.
Get a co-signer that has an A1 credit rating.
More people would be willing to be your co-signer if you start out with a small loan amount.

Small Financial Lenders

Find a list of lenders that offer high risk personal loans. There interest rates will be higher than a bank, but this will help to improve your credit rating.

Finance A Computer System

There are a number of companies online that will allow you to purchase a new computer with no credit checks. You are guaranteed to get approved as long as you have a checking account. You would be required to pay a down payment and monthly payments. They will ship your computer out to you once they have received your down payment. You would be set up for monthly payments, that could be reported to the credit reporting agencies.

Short Term Loans

If you are employed and have a checking account, you can go online to get a payday loan of up to $2,000 with no credit check.

This loan option will not help to rebuild your credit. It is just a short term solution to pay a payment that can not wait, like monthly rent or an auto payment.

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Personal Loans for military personnel and gs employees



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