Loans Available for Individuals with Bad Credit Score Part II

We have earlier been discussing ways and means by which individuals with bad credit standing can still file for loan from alternative trusted money lender singapore. We started out by saying that home equity loans and bad credit loan lenders are sources in borrowing money. Let us now discuss some of the other lenders or loan providers that may be able to financially help people with low or bad credit ratings.

 

Credit Union Loans

 

Credit unions’ loan policies are usually more flexible as compared to traditional money lenders. They don’t give much emphasis on the credit score but you need to be a member of a union to be able to apply for a loan. If you are with the working class, you are probably already a member of one. Credit unions are normally set-up to assist members in saving money and deal with any financial emergency. And since, credit unions are non-profit organizations; loans that they provide have very minimal interest rates. The flexible loan policies of credit unions allows member to easily access loans. Fees and loan charges on the loan are kept to a minimal. The loans carry very little interest and no collateral is needed to secure it (unsecured loan). The only problem that you may encounter with credit unions is that if your credit score is low, you may not be able to borrow a sizable amount of money and since the loan is unsecured, payment terms are normally short.

 

Applying for a Loan with a Co-signee

 

Another good way of getting a loan is to ask somebody to co-sign a loan with you. The co-signer also known as co-maker needs to have a good credit rating. However, getting a co-maker can be very difficult simply because of your credit standing or rating and for somebody who will co-sign a loan will mean that he too will also be fully liable for the terms of the loan. Using a good friend or a family member (sister or brother) to co-sign a loan may be your only solution in finding one.

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