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Private Bad Credit Lenders
Just what is a private bad credit lender?
A private bad credit lender is a company, not connected to a bank that offers personal and mortgage loans to individuals or business owners that have no credit or less than perfect credit.
This type of lending program would be ideal for a the person that has no credit or bad credit and they just want to get approved for a personal or business loan up to $20,000.
These types of lenders do not depend on the credit reporting system that all banks and loan companies normally use to process a loan application.
The private bad credit lender would look at an applicant’s total financial situation to approve or not approve a loan.
They would take into account how long they have been on there job, there debt and if they have bad credit, what happen to get them to that point.
If a person has no credit or bad credit, a private lender is the only type of company that would be willing to give them a second chance and approve there application for a loan.
What Type Of Loans Do Private Lenders Offer?
Personal Loans Payday Loans Business Loans Home Loans
Generally speaking, most lenders would like to approve a loan with the lowest risk possible.
Unsecured personal loans would be considered a high risk loan, where as, secured personal loans and home loans would be considered as low risk loans.
If you have poor credit and you want to apply for a personal loan, you must show the lender why your credit is the way it is at this point, and why you feel that given you a personal loan would be a low risk for them.
The lender will look over your finances to make sure you can afford to pay the loan back on time. They will add up all of your monthly bills to see what you will have left over once all of your basic bills are paid.
You must be able to afford the monthly payments before the lender will approve your loan.
Work History
A stable work history will greatly help your chances of getting approved for a loan and how much you can get.
The longer you have been on the same job, the better. Changing jobs every year will not help your chances of getting approved. But it is ok if you have changed jobs yearly, if you have stayed in the same line of work.
The main concern of any private bad credit lender would be can you handle the monthly payments for their loan?
Secured Loans
A secured loan would be a lot easier to get approved.
Secured loans are loans that are backed up by something of value, like a home or car.
With a home loan or car loan, if you don’t make your payments, the lender can always take the item back and sell it to get there money.
Are You Ready To Apply For A Personal Loan?
If you have no credit or bad credit and are ready to apply for a loan, you should go online to search for a list of private bad credit lenders. You would normally have to pay a fee to get this type of list. Companies invest a great deal of time to put together there bad credit lender’s list.
Most bad credit lenders do not advertise their services because they normally have more client’s than they can handle.
Once you have located the lenders, you must call each one of them to see if they can work with your current credit situation. They should be able to tell you upfront, if they have a loan program for your type of credit background.
Bank of America Loan Modification – Five Steps to Approval
Does paying your high monthly mortgage payment cause you stress or make you worry? Have you been thinking that you could get a better deal, like a Bank of America loan modification period? The Bank of America is known nationwide as a lending bank that is currently offering renegotiations for some of its borrowers. There are things you can make it easier for the Bank of America to approve your application. If you meet certain requirements, you can have your mortgage payments reduced. Before beginning these negotiations, follow these five steps.
1. Read and learn what the Bank of America requires in order to approve a loan modification. In order to be approved, you need to have a certain amount of disposable income and a specific debt to income ratio.
2. Get the paperwork in order. The bank officer will want to review all your documents in order to determine your qualifications. Make sure you have all the required documents before applying, as this will allow everything to proceed without delay. Improper or incorrect paperwork could also result in rejection of your application.
3. You must have a Hardship Letter. This letter must be convincing, compelling and clearly outline that you have or will suffer serious hardship if you have to continue paying your current monthly payments. There are three important parts to a Hardship Letter so make sure you find out what they are.
4. Be prepared, be accurate and complete the Bank of America loan modification application properly. Everything you write will be or could be checked. Include all important information, honestly, to make sure there is no reason for anyone to reject your application.
5. Be persistent and patient. It is not unusual for it to take eight weeks before the Bank of America will approve a loan modification application. If you are rejected, don’t take no for an answer. Through diligence, determination and focused persistence some homeowners have been able to have their rejection changed to an approval. This is your home you are fighting for, and success in this process will result in you keeping it.
If you follow this process are diligent, honest and thorough in completing your application; and you are persistent you might yourself approved for a Bank of America loan modification. Take the time that is needed. Put your energy into completing the application properly. Know what the bank requires in order to give an approval. If you don’t know something, ask, so you can complete the application properly. Seek and accept help and you might be able to keep your home. Just like so many other homeowners have been able to do, you can find a way to keep your home too!