For anybody who has ever been in debt, you know what it feels like. The more debt that piles up, the harder it becomes to get out from under it: you can almost feel it pulling on you like a physical weight on your back.
Debt is a growing reality for millions of people today. What makes it even harder to deal with is when you have not only a lot of debt, but also a bad credit score. This situation can become a vicious cycle, making it harder and harder to qualify for low-interest rate loans and attractive rates on credit cards.
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If you are saying, "I have bad credit and debt," loans for poor credit borrowers may be your best bet. Here are 5 steps to finding the loan you need:
1. Explore your options in terms of borrowing from family members or friends:
Fortunately, you do have a number of attractive options available to you in terms of taking out a loan - even when you have a low FICO score (see below). But before you go down that road, do a quick double-check and ask yourself whether you might have any options for borrowing money at no interest from family or friends.
2. Decide how much money you realistically need to borrow:
How much do you need to borrow? That is a key question. Obviously, you will want to make sure and borrow enough money to cover your cash needs. But, you will also want to avoid borrowing more than you will need: no reason to pay extra interest if it is not necessary.
3. Work with a personal loan lender who specializes in poor credit borrowers:
This is a step that many bad credit borrowers for some reason completely miss: they simply look for personal loan lenders without really identifying which ones would make for the right type of lender. Important: be sure to only choose to apply to lenders who consider themselves to be "bad credit personal loan lenders."
4. Be ready to show proof of income:
Make your loan approval process that much quicker by preparing any required proof of income and other related documents in advance. Note: documents required will vary by lender.
5. Decide what the right loan term (repayment period) is for you:
Remember, the longer the repayment period, the lower your monthly payments will be. However, at the same time, remember that longer repayment periods mean you will pay more in interest charges over the life of the loan. Find the right balance.
Now that you know just what to do, go ahead and apply to multiple bad credit personal lenders and get the cash you need!
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