Taking on a low annual percentage rate (APR) bad-credit, unsecured loan is nothing to be taken lightly. If you have no collateral, that is, security in the form of valuable property to back up a loan, you must be patient and shop wisely. If you get yourself into a position where you cannot meet your obligation, you may have to bear some heavy consequences.
Private Lenders Offering Low Interest Rates Await
It may be a common complaint that there are no private lenders out there who are willing to provide personal loans at a reasonably low annual percentage rate without security or collateral. Lenders are available, but to find a reputable lender you should try using the FCGC Method: Find. Call. Get Quotation. Compare.
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Find
For the purposes of finding a decent private lender, the best place to begin a search is with the Better Business Bureau (BBB) and non-BBB accredited non-bank, or private, lenders.
1. Locate your nearest loan companies or non-traditional lenders using the BBB search tool that you will find in the BBB directories.
2. Then use a key word or a key phrase to perform a search. For instance -- loans, personal loans, bad-credit loans. Do not check the BBB Accredited Box.
3. View the BBB Business Review page of private lenders or non-traditional lenders on the results list. You will want to choose from among those with the highest ratings.
4. Make a comprehensive listing of each lender you choose, especially contact details and phone numbers. Here you will also want to get directions from your place to the office of the lender by typing in your own address.
Call
Be confident when you call the lenders on your list. Be upfront and tell them you are interested in their unsecured personal loans with folks who have bad credit. Ask these questions.
1. Query the lender about their unsecured personal loan products for those with poor credit histories. Give them you FICO score if possible.
2. This is very important, ask them what the exact APR is for a bad credit personal loan. Ask them if it is fixed or non-fixed. Fixed means the rate will stay the same for the entire loan, non-fixed means the rate will rise or fall according to lending markets.
3. Ask them about an affordable payment plan. Have your budget handy so you no the outer limits of what you can pay every month.
4. Ask the total cost of the entire unsecured personal loan. Then, just so you will know, ask them what the cost would be if you have a cosigner.
Get Quotation
You must get quotations to find and compare the total costs of loans from lender to lender. If a lender is not willing to give you a quote, consider another company. These quotes can be delivered via email or fax or scan. Often based on what you desire. Get as many quotations as possible.
Compare
Once you have all your quotes, you need to sit down and start comparing what you have learned from the various private lenders. You will want to choose the bad-credit unsecured loan that carries the lowest APR and the lowest monthly repayment plan. Be very careful and scrutinize each offer.
The Method Works
Only deal with lenders who can specifically and generally supply the answers and insights to the steps of the method outlined above. Those who will not or cannot are not worth dealing with. If you are in need of a bad-credit unsecured loan from a private lender, you do not need to be fiddling around with people who are not willing to do upfront and willing business.
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