February 5, 2017
Do you already know that you are a high risk borrower? If you need a personal loan, then this can make your options pretty scarce. There are a few unsecured options you can try, but you will most likely have to go with one of the many secured personal loans that are out there for high risk borrowers. Here are your options.
Go to your bank
You should always start with your own bank because they have the best relationship with you and you never know what they might be able to do. This is especially try if you bank at a local smaller bank or a credit union. They have many ways to bend the rules and get you the money you need if they are pretty sure they will get paid back. Plus if they turn you down they can usually help you in other ways with your credit and a referral to a lender that might be able to help.
Try the non conventional lenders
There are many lenders out there that are considered non conventional because they deal specifically with those that are high risk borrowers. They usually do have some requirements, but they are more based on the income of the individual and what collateral might be able to be used to secure the loan than the credit of the individual.
Get a co signer
Another option is to find someone that has good credit and a strong income to co sign for you at your bank. This is a great option if you have someone that is willing to be your co signer because your interest rate will be lower and you might be able to get an unsecured personal loan instead of a secured personal loan. Just make sure your co signer understands what they are doing and that you will pay the loan back because if you don’t they will be held responsible for it.
Now you have three options you can use to get either an unsecured personal loan or a secured personal loan. These are all very good options and you should always weigh all your options before making a drastic financial move. Make sure you can afford the loan and it will not make your life miserable. Use it for what you intend it for and only borrow what you have to have.