Do you have a mishandled loan account in the past? It is a fact that once you have a bad record of loan history from any financial institutions, it will reflect your entire qualifications when it comes to your financial sector. Therefore, if you try to apply for a new loan in a bank, you might be rejected outright since banks are very strict when it comes to the person’s loan handling in the past. If you try to keep your loan records a secret, these lenders will still be able to identify your record because they have access to a database for this kind of information.
It is really disappointing that you will not be able to apply for a new loan given the fact that you have a bad credit history. But this is not the end of it yet because lenders are willing to take risks for persons like you that have mishandled loans in the past and they are willing to grant you a loan. To avail of the loan, you must first meet the lender’s minimum qualifications.
The minimum qualifications of this loan application are for the client to age between 18 years old to 65 years of age and should have mishandled loan account. You must also have a valid and regular source of your repayments. Your source of income will dictate whether you can actually be granted with a loan. Also, it is required that you have a constant form of communication so that you can be reach anytime especially if there are concerns during pre-booking and post booking of your accounts. You are also required to have a credit or debit card that will serve as your mode of payment. Lastly, you will be required to have your own bank account just in case you need to withdraw funds for your loan payment.
This type of loan is designed to favor the needs of those who have suffered bad credit records since they offer special terms and interest rates. These special terms will allow the debtor to pay their loans in a lighter manner. This means that you can repay the loan in installment and the amount to be paid is computed based on your repayment capacity. Although you have an existing bad credit record, there is still a way for you to improve your paying habits by making sure you pay in time. You can actually find many lenders that have risked just to offer this kind of product to their clients.
Another way to have a loan granted to you is if you have a collateral to offer because having a collateral is an added security to the lenders.