Getting finance when you have bad credit is not an easy task. Moreover, most people get declined for financing even when applying for bad credit loans. If you are a homeowner you shouldn't make the mistake of applying for an unsecured loan for people with bad credit. The smart thing to do is to take advantage of your position and request a secured personal loan.
With secured financing, your chances of getting approved are boosted since collateral reduces the risk of the transaction. As opposed to unsecured loan where you still need to show an excellent recent credit history in order to get approved, with secured loans you can obtain approval even if there are some stains on your recent credit history.
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Equity To Guarantee Approval With Bad Credit
Secured Personal Loan financing is based on equity and can guarantee approval for you even if you have bad credit or no credit at all. The equity on your home, the difference between the value of the property and the debt that it is already securing, can provide you with the necessary funds to solve your financial difficulties.
Equity provides inexpensive financing because collateral reduces the risk of the transaction and thus, lets the lender provide lower interest rates, higher loan amounts, longer repayment programs and consequently, lower monthly payments that you can afford without having to do sacrifices in order to obtain finance.
Credit Requirements
Also, home equity loans reduce the credit requirements you need to have in order to get approved for a loan. Thus, getting approved for a home equity loan is a lot easier than obtaining unsecured financing. Thus, if you have bad credit or no credit at all, secured loans is the best option for you.
Income Requirements
What you'll need to show the lender is that you are capable of repaying the loan and honor your agreement. That's why you'll need, in order to qualify for a bad credit home equity loan, to meet certain income requirements and show the lender you'll be able to afford the monthly payments on your loan.
You'll need to show proof of a steady income. In order to do so, if you are working on your own, you'll need to show copies of your tax presentations. Otherwise, you'll need to show copies of paychecks or other proof stating that you have a steady job with an income that will let you afford the monthly payments without hassles.
Some lenders may require at least two years on the same job position or at least on the same field. This is meant to avoid simulation by agreeing with someone a job contract just to deceive the financial institution. However, this requirement can sometimes be bypassed if the lender, after reviewing your case, considers it unnecessary.
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