How to Get a Big Loan
It is never easy for one to get a loan, most especially if it is big and you have a bad credit score. You will usually have to undergo several tedious process before you can actually get your loan, and what is more depressing is that if you have exerted so much effort on applying for a loan and in the end it was not approved by the bank or was not accepted by the lenders.
Yes, even lenders can sometimes give you hard time in acquiring a loan.
Although it is a fact that getting a big loan can be difficult, it is also a fact that it is not impossible. This is most especially if you have a good credit rating. However, even if you have a good credit rating or a bad one, here are the tips that will help you in applying for loans and getting it.
Convince Someone to Help You
First tip, look for someone who has a very strong and good credit rating and exert all your convincing powers to co-sign you in your application for loan. Once you have already convinced a co-signer, his credit rating will then be evaluated and assessed. This is for the bank to make sure that you and your co-signer can repay the loan. Remember that if you get in default with your loan, your loan obligation will be transferred to you co-signer. Consequently, if this will happen, your relationship with him will certainly be affected and in most cases, it will deteriorate. So refrain from being in default.
Second, you can also have a friend or a family to help you get a loan. In fact, if they have extra money themselves, kindly ask them to loan you. In order for them to be convinced and secured, make your loan agreement in writing. Maintain and keep a copy on your records so as to avoid misunderstandings. Remember that the one you are borrowing money from is a friend or a family; surely you do not want to sever ties with him or her just because of a loan. They may be willing in giving you loan at an interest rate which is below-market or they may not charge you with interest at all but never abuse this.
Lending Services
Third, you have to try securing your loan from lending service which is a peer-to-peer. Examples of these lending services are Lending Club, Peer-Lend, and Prosper. These lending services typically facilitate loans among individuals at an interest rate which have wide variety. In order for you to do this, you will have to give your credit score. However, if you can prove your income, it is much better because it will be possible for you to acquire larger personal loan or perhaps funding part that you have been requesting for.
6 Comments
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