Small Business Loans

Where can I get a loan with a bad credit history? Myths and Reality


The lending in different sizes has long been part of everyday life. Money in loans taken in the framework of the reform, and the purchase of apartments or cars. Today, there are even loans "on vacation." In such an abundance of offers may be mistaken impression that the loan is always available, if not this, so another bank.

But that is not true. Since taking the first loan you find yourself in a database on credit histories. And we will be updating this information at the time of payment of subsequent loans. Of course, if you've never missed a payment and never late in paying the debt, and information on the key that is not very interesting, because a good credit history, as well as any positive reputation - not a problem.

But life has a degree of unpredictability, and sometimes have to borrow money to pay himself and permissible to suspend payment. If that happens with a certain frequency, you can be the owner of a bad credit history.

By the way, be aware that a bad credit history is not to delay payments or fines only. The negative impact of early repayment. Good client, according to the banks, which gives yourself to make early repayment reduces the amount of interest payments. Thus, you need to understand that the client had taken the loan funds and return them in the same issue, it did not bring any good to the bank. And then, to give him the money the next time is not profitable.

In the end, the negative KI inevitably have a serious impact on all transactions in more lending.

In particular, it may be denied new credit, even if they have as much to be slim. As we said, different situations, and sometimes the loan is simply vital. The question then arises: Where and how can I get a loan with a bad credit history without failure?

KI - what is it?
CI is a kind of symbol of your financial credibility. Simply - it is the financial reputation. It's easy to mess up and reform will be very difficult. And it's not just about the cost of care or personal time - they have to spend Finance.

Loan, what is the bank's history of previous payments. Some organizations treat these very difficult - only three violations of the payments for the year and you're already in debt. Therefore, the timing of the payments should be treated very carefully.

The negative credit history will inevitably become the basis for reducing the amount of your credit limit or even a complete failure of the application. Of course, there are many organizations today where small loans to get cash urgently with bad credit history. However, in these institutions, as a general rule, and interest rates are higher than in banks.

How and where to get credit with bad KI?
So, to make a loan with a bad credit history, of course you can, but it requires some effort and expense.

In such a situation, when you need the money, financial and reputation and the poor, it is important to understand how it was formed KEY history is saved over the past two years. Therefore, you can spend the time to take a few consumer loans and pay them according to the terms and conditions of the contract. So it will be the key to a survey. It's enough to make any purchase credit household appliances: a refrigerator or television, for example, are ideal for this purpose. Because of small value, which means that payments will not be too expensive.

Performing such procedures, it is concerned with dates of payments and careful, because the slightest disturbance will make it only worse story.

You can also take a credit card. The application of credit card funds typically will be satisfied. First, banks impose itself on these loans (and are often issued such a card, along with the salaries and pensions and so on), and secondly the amount that can be small. Even in the financial institutions with very strict requirements, and will work credit card, you will only have a maximum limit. But credit card only will help the funds, but also to improve the KI in the future (provided that the payments would be at the right time).

Besides, you can always go in small financial organization or MFIs. In Ukraine, there are a large number, but the most reliable is the hope of the world and Ukraine credit.

In this place you can take a quick loan with a bad credit history, but the favorable credit conditions at MFIs not name. Microlending is a risky business, so it is hedging because of rising interest rates. But you do not have to make a deposit or provide sponsor. However, please note that if you do not pay the debt in a timely manner, MFIs are perfectly able to sell your debt to third parties. Of course, banks also are turning to collection services, but the process happens more slowly.

Can Ukrainians who are looking to learn how to take credit with a bad credit history, apply in the two cases. Unfortunately, in our country on these techniques, few know. We are talking about services:

A private investor - is to find a loan advertisements. Where people are ready to make another amounts and conditions which will be able to get a loan online with bad credit history in Ukraine. Look for investors only on proven Internet resources, as demonstrated by CreditBoard of Maanimo and Damvborg.
In addition, referring to a private investor, carefully examine the circumstances. The usual rule in this case can not be done, so the care and attention again.

Mortgage Broker - in fact, this is the man who will help to find an investor or organization willing to grant credit card with bad credit history. Intermediaries working for a percentage of the loan amount, so this person is not nearly as interested in reaching an agreement for a small amount.
Some think that the roads and profitable this option. On the other hand, you need to consider that the mortgage broker, especially if it is an experienced professional who has a huge number of contacts and will help solve the problem of loans with a bad credit history in the shortest time possible.

Thus, the solution to this problem enough, it just remains to choose the most profitable way.

What you need to know about getting a bank loan with a bad credit history?
If you are determined to take credit with bad credit history, it is only in the banking institutions, be prepared for some difficulties and additional expenses:

The high interest rate. In some cases, it may be up to 40%. With this simple method for the borrower seeking to protect their money, because the more distressed debtors of the organization, and closer to its own bankruptcy, and worse. Privacy banks is that when "fall" not only affects the owner or group of owners, and how a large number of investors.
Provide a reliable guarantor. When you have a guarantor KEY bad you may need, even in situations that would not normally be required bail. Sponsor, generally a relative or good friend. Thus, the bank is trying to enhance the sense of responsibility of the borrower, as is the case in the event of non-payment of expected cosigner problems.
Guarantees. As is the case with a warranty, and will serve as a guarantee that the debt will be paid. Option with other guarantees more serious, because the loss of property, and if you do not pay on time, is the highest here.
These requirements are not surprising, because if the banks are not to defend themselves, ripping them just as easily. In addition, it should be remembered that the banks are usually the borrowers of the relatively large financial institutions. So it has to agree to a loan with a bad credit history is a decision fraught with danger, and it is strongly reinsured.

In the end, if you are not lucky to become the owner of the negative credit history, be prepared to overcome the difficulties on the path of correction.

And remember which one would you choose, after he managed to get a loan with a bad credit history, carefully read the agreement carefully and follow the timetable for repayment of the loan. Such actions will allow you to fix past mistakes, and history cleaner no longer have to worry about on this issue.