Finding the Right Lender When You Have Bad Credit

"Bad credit loan"There is no doubt that bad credit can make getting a loan difficult. The challenge is finding the right lender. The ideal lender needs to understand your unique situation, be able to offer affordable financing, AND be willing to document your successful loan on all three of your credit reports.

Some of the most well known bad credit loan lenders tend to advertise a lot. However, you may find that the ones who advertise a lot are likely to charge higher rates as a result of their advertising. It’s not actually that hard to find bad credit loan lenders who are willing to work with you. Many companies are willing to see you as a person with a problem, rather than just a problem that needs to go away.

Orchard Bank

Orchard Bank has a program for credit-challenged people. They do report to the three major credit bureaus each month and offers an interest rate as low as 7.90 % or as high as almost 20 %. The severity of your bad credit and other individual circumstances will help decide what your interest rate will be. As with most credit cards, for an extra fee and as long as your credit limit permits it, you can get a cash advance off of this card if necessary.

You may not start out with a very high credit limit, but this is an excellent opportunity to rebuild your credit. This particular card presents with an annual fee of anything between 19 and 59 dollars for the first year, and an additional 59 dollars each year thereafter. It’s important to note that the first year’s annual fee will appear on your first month’s statement, regardless of when you opened the account.

That’s true even if your credit limit is low, which may impact how much credit is actually available, and may appear again the first month of the next year. Because of that, I would have to recommend being very careful about when you get your bad credit loan with this lender. Opening it later in the year could result in a double fee. Unfortunately, that’s a common practice amongst bad credit loan lenders, and credit card
companies in particular. To apply, go here: http://www.orchardbank.com/.

Student Loans

Federal student loans include both Stafford and Perkins student loans. Both of these loans come from the federal government and are certified by the college or university that you attend. You are required to be in school at least six credit hours a semester, which is half time, have submitted the FAFSA on time listing your school, and be meeting acceptable academic standards for your degree plan. You also cannot be in default on any federal financial aid.

As of September of 2011, your credit doesn’t matter for these loans. As a matter of fact, for these loans,
The less money you make, the more likely you are to be approved. You can use these funds for anything to do with your education, or to help support yourself while you are in school. For more information, go here: http://www.staffordloan.com/. You could pay as little as 3.40% interest and some of the loans will not accumulate interest at all while you are in school. If you are considering going back to college, there is no better time!

You can find the bad credit loan that you need, it just might take some looking around. If one person or company turns you down, don’t be afraid to keep asking. Alternatively, you can always ask if the person who turned you down knows of someone who might approve you.

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