It is no secret that we live in trying times. It is also no secret that to get by in the world and live comfortably, ensuring expenses are paid and you have a roof over your head, you need access to money and credit.
Everyone knows how important their credit score is to be able to get their hands on things like personal loans, credit cards, and lines of credit when needed. Sometimes folks just don’t have the finances to cover things on their own, and this is where having access to backup funds comes in handy.
Bad credit scores can make it difficult to get access to loans and lines of credit when you need it the most. That doesn’t mean it has to be impossible, however.
Of course, sometimes, circumstances can be beyond our control. If someone is unable to pay a bill because of extenuating circumstances, their credit can take a hit. Bad credit scores can make it difficult to get access to loans and lines of credit when you need it the most. That doesn’t mean it has to be impossible, however.
Luckily, if you find yourself in one of these situations, you’ll be happy to know that lending networks and sites like Let Me Bank are easily accessible services you can take advantage of to get matched with lenders who can help you get access to the money you need. These platforms exist for people to find the best lenders for their situations, no matter what their credit score is.
Yes, it is possible for people with bad credit to get access to higher loans
The fact is, it is definitely possible for people with lower credit scores to get higher loans, sometimes upwards of $5000. It isn’t as simple as if you had a higher credit score, however, and you will find that there is going to be some fine print to read through. You may even have to offer up some collateral to get the money you need.
While that isn’t something everyone wants to hear, it is still a way to help you get the money you need, when you need it. Ideally, you should wait until you have your debts paid off and the bad marks off of your credit score before you try to borrow money.
No one likes the thought of having to offer up something as collateral or borrow against something they own, like their house or car, but if it is absolutely necessary, it is usually an option you can explore. If this sounds like a situation you are facing, and you need a higher loan (such as $5000 or above), here are some of the things you can do to get the loan you need.
- Try a title loan
Title loans are exactly what they sound like. You offer up the title to something you own, such as your vehicle, and your chances of getting a loan will go up.
Essentially, you sign the title over to the creditor until the loan is paid back in full. Be warned, however, that if, for some reason you are not able to pay off the loan, you could see your vehicle get repossessed by the loan company to cover their losses.
- Find a cosigner
If you don’t have the best credit, but you know someone who does, such as a parent, other family member, or a friend, you could convince them to become a cosigner on the loan you need.
You should always be careful with this route, as well, because this trusted person is sticking their neck out on the line for you, and failure to repay your loan if they cosign could damage not only your credit, but theirs, too. Make sure you discuss the cosigning agreement with your potential cosigner to make sure you are on the same page before you pursue this option.
Having bad credit is not a great experience for the people who deal with the problem, and no one wants to have to offer up titles to vehicles or house deeds as collateral to be able to get the money they need through a personal loan. Most people are usually not fond of the idea of risking personal relationships by asking family members or friends to cosign on a loan for them, either.
These are usually last-ditch options for people who need money now and can’t get it the conventional way to poor credit scores. If this sounds like a situation you’re facing, weigh your options carefully, and if you still decide to go with it, then know that there are lending networks and platforms online that are able to help you find the best lenders for your situation.