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Personal Loans for People with Bad Credit
In our country, there has been a more strict policy for granting personal loans. They do background checks, and yes, they do look at credit rating. If you have a bad credit, then you will not be approved. So most people here would go to what we call 5-6, or a person who would lend you money, then you pay it in installments depending on the agreement. It is called such because it's interest rate is 20%. These people do not look at your credit rating. They'll allow you to loan, as long as you pay promptly. Some are even lenient and allow lapses of payment, but with increased payments. Mostly would collect payments daily which I think is good if you have a good income daily.

So that's how people with bad credit get loans in our country. There are other ways but the easiest is this one.
Our country have this too. It is like a support for those people who have a bad credit it is a way for them to take up those credits so they can pay it.
(01-02-2018, 06:50 PM)kgord Wrote: Generally, it is hard to find a loan if your credit is bad. There are few companies that are willing to lend you money, and if you do manage to get a loan you will pay high interest rates. It helps quite a bit if you have a good job. A high income can deflect a mulititude of credit problems.

This is practically how things are with getting loans anywhere, with a poor record of bad credit, the chances of getting loans from any financial institutions are very slim because they would have to consider the possibility of paying back the full together with the interest attached to it which the obvious answer is not possible. So why would loan be given to one who cannot afford to pay back not to talk more of the interest on such loan. To me, giving such person any amount of loan is not a wise business decision.

Only collateral would afford one with bad credit an opportunity to get loans and probably with higher interest rate as a result of the bad credit record, and also most lending agencies would even prefer for one not to successfully pay back the loans taken in order to confiscate the collateral used.
Indeed, despite everything it exist and allows. Despite the fact that individuals had a terrible records on credits still they have the opportunity to get credit advances once more. There are part of privately owned businesses and people today who give credits a high financing costs furnished with the insurances by the borrower.
In some places it is really hard for you to get loan if you got bad credits. So some people when they have no other option. That's the time that they run to loan sharks. That's why we really need to be careful of our credits as much as we can.

Borrow money or using credit card is not that bad just as long as you know how to pay them off in time.
Bad financial assessment means that you can't pay your obligation at a given time or you have an extremely awful notoriety on getting cash, it will be difficult to search for a bank or an organization who will give you a chance to obtain in spite of having a low FICO assessment. My recommendation is don't endeavor to acquire cash any longer. It appears as though you are not by any stretch of the imagination sufficiently skilled to deal with your circumstance on the off chance that you will keep on borrowing same situation will happen and it may be past the point of no return for you to recuperate all your misfortune.
If you're looking for personal small time loan and you're here in the Philippines, even if you have a bad credit, a Bombay May suffice you needs, i once dreamed of having a stable business but i don't have the money to pull it off, but one day my neighbor told me about this Bombay method where you can borrow money without signing any papers or whatsoever,a Bombay is an Indian looking man whom you can borrow money from, i looked for a Bombay, Surprisingly it's easy to find one here in my place, in fact they say it's common here in every mini grocery-store, that gave me an idea of opening my own mini-grocery store, at first it was difficult to pay them back, because my small business is still unknown, but through the time, my small business became famous in my place and it became surprisingly profitable, a year after i told the Bombay that i wont be borrowing any money anymore because I've already paid my dept, that's how easy to end a contract with a Bombay Smile , that's what i gained from borrowing money from a Bombay.
Mandigirl has pointed it out. The reason why even the ones with bad credit score can still be approved of affordable loans is because of the things she (mandigirl) pointed out. One of these is having a co-signer. Applying for a new loan to probably cover your old loan is reasonable and this will help the individual pay his debts. It's a compromise between the debtor and the creditor.

I don't recommend getting loans from relatives rather than bank or other lending groups, as this will most probably start a fight within the family. This should be the last option for me though.
(01-01-2018, 02:06 PM)mharjoe Wrote: zero or bad credit score signifis that you cannot pay your debt at a given time or you have a really bad reputation on borrowing money , it will be hard to look for a bank or a company who will let you borrow despite of having a very low credit score . My suggestion is  dont try to borrow money anymore , It seems like you are not really capable enough to handle your situation , if you will continue to borrow same scenario will happen and it might be too late for you to recover all your loss.

try first a debt free life and if you will borrow again change your manners toward the money that you'd borrow, for you to recover form having a low credit score

Yes, I do agree that debt free is really good unfortunately it doesn't applicable to everybody. Sadly, not everybody has a stable income or high salaries or even born rich so they tend to take loans or borrowed money just to provide their needs. Nowadays the cost of living is soaring high but salaries are not changing at all to those ordinary employees so their income is not enough to provide the daily expenses how can they provide for tuition fees and allowances for their children, emergencies if someone got sick and a lot more aside from basic needs so loans are really important who can't afford to provide for their other needs.
Bad credit can disadvantage a person sometimes beacause it means he/she is loaned some money then that the loan will not be paid or if it is paid it will take more time than the agreed. This really ruins the reputation of a person to potential people and banks who can loan out money but that does not mean that one cannot get a loan. There are companies out there that are willing to try out with these people with bad credit, but it is very risky for the person because it means that if the loan is not repaid in the agreed time then property will be taken in as collateral. I think if someone has bad credit the best people to work with in case of a loan are family members, they are patient with people and are willing to see things work out.

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