can i get a loan

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Bad credit makes it almost impossible to get a loan. Or does it? In some cases, yes. If you’ve been asking yourself, “Can I get a loan in spite of it?” The answer is yes again.

Having substandard credit is a hard hill to climb but not one that’s not insurmountable. You’re considered high-risk to banks and lending institutions, but you’re not without hope.

Your credit score is how lenders determine whether to extend you credit or not. A 700 credit score is the magic number for a person looking to get a loan with a lower interest rate. Below 619 is a sign of low to bad credit.

But in the state of Georgia, that doesn’t rule you out. Hard money lenders still extend credit to those with low or bad credit. Read more about how you can get a loan with bad credit and get started today.

Can I Get a Loan with Bad Credit: How to

Before you seek out a lender, find out what position you’re actually in. Gather all your financial documents together, including a list of all your assets. Access your financial situation. Then prepare everything you need to meet a lender’s application process.

Pull Your Credit

It’s alarming how many Americans still don’t look at their credit reports. In a recent survey, 30% of the people surveyed did not know the credit score. At the top of the year, half the adults in the US admitted they hadn’t seen their credit reports in six months.

Pull a free copy of your credit report from all three credit bureaus. There may be a small fee to include scores, but it’s worth it.

Verify all debts listed are yours. If not, follow the online prompts to dispute them. You can still dispute and apply for a loan. It may help in the long run if creditors know the negative information is exiting your credit report.

Keep in mind you don’t have to have excellent credit, but it’s good to know where you stand before you apply. If you don’t know your credit score, you won’t know what lenders to start with.

If you already know your credit is bad, start with a hard money lender.

Get a Back-Up Plan

Once you know your financial situation, get ahead of the process to try and secure the loan. Bad credit means you may need a co-signer. Line one up.

A cosigner is a person with reliable credit who’ll step in as a guarantor to help you get a loan. They make a promise to the lender to pay back the loan if you cannot.

Not all lenders ask for a cosigner. But if they do, make sure you’ve selected someone with a sound credit profile.

Use Your Savings

Some lenders allow borrowers to pledge their savings to secure a loan. If you’ve been saving for a loan but can’t get one because of bad credit, use the money in your savings.

The lender places a hold on a promised portion of your savings. Those funds get held for the life of the loan. Once the loan’s paid off, you regain full access to your savings account. These bad credit loans pose little risks to lenders and help rebuild your credit in the process.

Go for a Hard Money Loan

Most banks and financial institutions have strict guidelines for lending. Bad credit could rule you out at the start of the application. The process is different when you apply for a hard money loan.

Hard Money Loans

Hard money loans are for people who can’t get traditional loans through banks. Financial institutions ask for a laundry list of things to qualify you for a loan. Hard money lenders do not. Using the value of a property, private lenders extend real estate based loans.

Types of Hard Money loans:

  • Purchase Loans
  • Constructions Loans
  • A line of Credit Loan
  • Refinance Loans

With a hard money lender, there are no upfront fees and funds disburse in a few days.

Get a Bad Credit Loan in Georgia

Yes, bad credit can stifle you from getting certain loans. But not all. So, if you’ve been contemplating, “Can I get a loan with bad credit”, the answer is yes.

You have options and there are lenders waiting to assist you through the process. In the meantime, get your paperwork in order, learn your credit profile, then apply for a loan.

Get started today with a hard money loan. We can help.