In many people's point of view, when a person's credit score is low, he or she is unable to obtain loan or any financial assistance. However, this is not true. In real life, the possibility of getting big amount of loan is still high even a person's credit is bad. I am not kidding. It is not hard for a person with low credit rating to obtain loan if he or she "fulfills" certain terms and conditions. The borrowers can make use of the loan for any purpose. They can choose either short term financing or long term financing based on their financial positions.
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In general, there are 2 main types of loans, i.e. secured loans and unsecured loans. Basically, all secured loans are backed up by fixed assets as collateral. The fixed assets can be in the form of homes or any other valuable properties. If the borrowers are the owners of the properties, they can put up collateral when they need quick cash. What is the advantage of having property? In normal circumstances, the borrowers can enjoy lower interest rates and longer repayment periods when they put up collateral.
For people who don't own any property, they still can enjoy low interest rate if they are able to get their family members or friends to act as their co-signers. As long as the co-signers' credit ratings are good, the loan application process will be very smooth.
On the other hand, without collateral and co-signer, the loan applicants still stand high chances to obtain unsecured loan when they have stable jobs and fixed monthly income. However, they have to accept some drawbacks. They have to bear higher interest rates and the repayment terms are not so flexible. The repayment period may be shorter and the late fee charges are much higher.
Getting $30,000 loan from the right source is crucial. For people with poor credit, it is for sure that they can't obtain financial assistance from the traditional banks or financial institutions. Hence, if your credit score is low, you shouldn't waste your time applying loan from banks. Your application will never be approved. You are advised to look for non-bank lenders who are specialized in offering bad credit loans.
To sum up, no matter how bad your credit is, the chances for you to obtain financial assistance are still high. As long as you have fixed asset or steady income stream, the lenders are willing to offer you cash. They know you have the ability to cover your loan payments.
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