Unsecured Signature Loans From Big Banks
You can get unsecured signature loans from big banks such as Wells Fargo, Bank of America, Chase Bank etc as well as smaller banks or credit unions. The lending guidelines tend to vary a bit and it usually depends on your credit score, the amount you want to borrow, your income level, relationship with the bank. It will be easy to walk in and get a loan within 1 hour if you meet all the above requirements, but it does not matter if you have bad credit as long as you have a job and try not to borrow more than 2 times your pay check.
More and more people have low FICO credit score in our country in recent years. The standard for bad credit has fallen considerably due to the reduced average FICO score among consumers. Generally, your credit rating is an approximation for your ability to pay your debts and bills on time. This is why lenders tend to be concern and check your credit report before giving an unsecured bank loan.
Many people learn about personal credit the hard way because it is not taught in school. When I enter college and start receiving all the pre-approved student credit card offers, I do not understand how to manage my finances and how credit card accounts affect my credit. My friends were only concerned with getting as many cards issued and put in our wallets. Spending the money was easy and we have no idea how late payments can affect our credit score and credit card APR.
Eventually, I went over my card limit and the banks terminate my accounts. It was then I realized that no banks are willing to issue me an unsecured credit card because of bad credit, which is down under 500 points. Do not make the same mistake as me. If you have any balances on your credit card, pay them off right away. Get a free copy of your credit report from annualcreditreport.com and check whether they are any negative remarks on it. Fix your bad credit and maintain it that way.
Get A Loan With Bad Credit But Good Income
If you have poor credit history but is well on your way to recover from past mistakes and paying bills on time for the past 6 months, it is more likely to get a loan with bad credit but good monthly income from banks and credit unions. There is no need to approach no credit check loan companies online if you have a choice. Even if they are legit, the unsecured loan rates for bad credit borrowers are very expensive.
Unsecured Bank Loans With Cosigner
To improve chances of being issued a cheap unsecured bank loan, you can ask for a cosigner with good credit history to pledge against your loan. This person must be willing to trust and help you because the responsibility for unsecured bank loans with cosigner falls on him or her if you default on payments.
If you are just browsing for information in preparation of situations when you need an unsecured personal loan approved instantly with bad credit, the best option for you now is to simply force yourself to set up a savings account with a few hundred dollars a month. Never touch the money inside until a real emergency occurs. The interest rate may not be worth much, but its real utility comes in saving you from the high loan rates for poor credit borrowers.