Do you have the worst credit possible? You are not alone. There are literally thousands of borrowers across the nation who have damaged credit and poor credit records that keep them from getting the loans that they need for expenditures that must be addressed immediately. But there are ways to get an unsecured loan, regardless of your horrible credit and your history of poor credit performance. You, too, can become the recipient of an unsecured bad credit loan to meet your funding needs and afford you the opportunity to raise your credit score.
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An unsecured loan for bad credit is a loan that is unsecured by any type of collateral that you have pledged. This is a risky type of loan for any lender to make, regardless of the credit record of the borrower. For this reason, many lenders will ask bad credit borrowers to furnish them with a cosigner for the unsecured bad credit loan. A cosigner can be anyone who believes that you will honor your lending agreement when you receive your bad credit unsecured loan. Some lenders will also release your cosigner from liability to repay them on your behalf once you have established your intention to pay by making the first six to eight payments.
Loans Up To $20,000
Most unsecured bad credit loans start at around $5,000 and may go up to $20,000 or more. The lender will look at your ability to repay the loan based on your income. Be certain to borrow only the amount that you need, and always make your scheduled payments on time - before the payment due date whenever possible.
Becoming A Better Borrower
You can use your unsecured bad credit loan to improve your credit. It is important to understand what potential creditors are looking for in a borrower if you want to make a true effort to improve your credit ranking. Your FICO credit score is the scale that lenders use to determine your creditworthiness (or lack of) - and having a FICO score that is less than six hundred places you in the category of having bad credit. Your FICO score is based on several different factors, the greatest of which is your payment track record - or the timeliness of the payments that you have made in the past to other lenders who have taken a chance on you.
If you have missed payments or been late on payments in the past, then your FICO score will reflect this negative behavior to potential lenders. Lenders also look at your FICO score to determine the amounts of credit that you have had access to and how you handled that responsibility - which basically means they want to see if you maxed out your credit cards or other similar behaviors. Keep in mind what creditors see when they look at your credit score as a way to improve your future credit behavior and elevate your credit score.
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