If you have bad credit, you undoubtedly have heard that it will be difficult, if not impossible, to obtain a loan. While it is certainly a fact that your credit will influence many factors involved in securing a loan, you can still find lenders to work with you.
However, you will need to understand the loan process and how to avoid predators and scams looking to take advantage of your situation.
It is important to note that more information regarding bad credit loans is available on one of my other sources of information.
Before you seek a loan, you should obtain a copy of your credit report and get your record as cleared up as possible. Many people with bad credit ignore this, assuming that because they have outstanding debt that has fallen into default that their credit report is irrelevant. Nothing could be further from the truth. Everyone needs to review their credit scores at least once per year to ensure that no mistakes have been made regarding credit 
payments and histories.
Three major companies are used by the majority of lenders in this country, and each of them offers a free report for consumers every year. You can contact Experian or Equifax for example to request a copy of yours. Once you receive them, review them for discrepancies and contact the lenders for any items that are incorrect. While you may not be able to completely transform your credit, eliminating incorrect data will improve your experience with obtaining a bad credit loan.
For more on why you should regularly review your credit report, please check out the following link - https://www.consumerfinance.gov/askcfpb/312/when-should-i-review-my-credit-report.html
It is also possible that there may be mistake on yours, please check out the following video to see how this may affect you.
https://www.youtube.com/watch?v=HdMR2wYNmt4
You will have higher interest rates than those with better credit scores, so you need to make sure that you can afford that additional expense. The exact rates will depend upon the lender, your score, and other factors that are taken into consideration, such as your employment status and that of your spouse.
Not only that, you may also have to offer collateral in order to get the funds you seek. Be careful about overextending yourself because you are putting your home, vehicle or other possessions at risk when you do this. However, this may help you to obtain a lower interest rate than if you do not have any way of securing the loan.
You should also realize that the definition of bad credit is not the same for all lenders. Some give greater weight 
to your credit scores than others. You may discover that one financial institution only checks with one of the reporting agencies, while another depends upon a competitor for their financial reports.
If you are going through a credit union or a private lender for your loan request, they may have different criteria based upon their experiences and rules. You will have to discuss the implications for your bad credit loan application with a member of the team in order to determine how these rules may impact your ability to obtain a loan, and terms such as repayment schedule and interest rates.
This information will help you to get started in requesting and receiving a new loan even though you have some bad credit on record.
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