A Story About Signature Loans for People with Bad Credit
The day may come when you have use for a personal loan with a term shorter than a few months. For example, you might find yourself in early April faced with a big tax burden and no liquid funds on hand to pay the government. You had no your business's sales were going to be so stellar, and now you're up against the bitter sweet situation of earning a lot of money and consequently owing a lot of it to the government.
You face one big challenge: in spite of the fact that you put in reserve the necessary funds for the government's bill, your tax account no longer has any money in it due to the fact that you and some associates took an unplanned vacation to Las Vegas. If only the government had sympathy toward your spontaneous lifestyle, you wouldn't have any stress right now. Unfortunately, they don't, and now you're going to have to get someone to lend you enough money to pay your taxes - or you'll be paying the penalty.
A lack of cash isn't the only problem you have to resolve before you can pay off the Feds - you're also facing your poor credit history. Remember when you purchased an almost new Ford truck because they were having a year-end blowout sale? You borrowed the money for the truck even when you knew you'd have no real ability to keep up with the large monthly payments, and not much time had gone by before the truck had to be repossessed.
And now you face quite the dilemma - the government wants its money, your cash reserves are empty, and tax day isn't getting any further away. But it doesn't have to be a total loss - you can borrow the money you need, but it's going to take some creativity. You can find signature loans for people with horrible credit.
First you should understand what a signature loan is, although it's fairly self explanatory. You walk in, fill out a couple forms, sign your name (hence, signature loan) and walk out with the cash you need. It's that simple, but it may not be that easy unless you can fulfill a couple of the prerequisites.
How much money do you make? Any intelligent bank will want to know that your earnings are at least triple the amount of your loan amount. In the face of a sub-600 Fico score, big paychecks will soothe the worries of a skittish lender.
Another prerequisite to loan approval may be your demonstration to the bank that you can provide them with some valuable, sellable collateral to secure the loan. Nothing could make the bank feel more secure than knowing they can sell your car or your jewelry if you decide not to make payments. Of course the best advice is not to give something you'll actually miss if the lender ends up selling it.
If you can convince the bank you're not a major loan risk, you'll end up getting the loan and surviving the day. Next time you should probably be more prudent about the use of your emergency cash reserves and your tax planning. Don't let your financial situation become a vicious cycle!
You face one big challenge: in spite of the fact that you put in reserve the necessary funds for the government's bill, your tax account no longer has any money in it due to the fact that you and some associates took an unplanned vacation to Las Vegas. If only the government had sympathy toward your spontaneous lifestyle, you wouldn't have any stress right now. Unfortunately, they don't, and now you're going to have to get someone to lend you enough money to pay your taxes - or you'll be paying the penalty.
A lack of cash isn't the only problem you have to resolve before you can pay off the Feds - you're also facing your poor credit history. Remember when you purchased an almost new Ford truck because they were having a year-end blowout sale? You borrowed the money for the truck even when you knew you'd have no real ability to keep up with the large monthly payments, and not much time had gone by before the truck had to be repossessed.
And now you face quite the dilemma - the government wants its money, your cash reserves are empty, and tax day isn't getting any further away. But it doesn't have to be a total loss - you can borrow the money you need, but it's going to take some creativity. You can find signature loans for people with horrible credit.
First you should understand what a signature loan is, although it's fairly self explanatory. You walk in, fill out a couple forms, sign your name (hence, signature loan) and walk out with the cash you need. It's that simple, but it may not be that easy unless you can fulfill a couple of the prerequisites.
How much money do you make? Any intelligent bank will want to know that your earnings are at least triple the amount of your loan amount. In the face of a sub-600 Fico score, big paychecks will soothe the worries of a skittish lender.
Another prerequisite to loan approval may be your demonstration to the bank that you can provide them with some valuable, sellable collateral to secure the loan. Nothing could make the bank feel more secure than knowing they can sell your car or your jewelry if you decide not to make payments. Of course the best advice is not to give something you'll actually miss if the lender ends up selling it.
If you can convince the bank you're not a major loan risk, you'll end up getting the loan and surviving the day. Next time you should probably be more prudent about the use of your emergency cash reserves and your tax planning. Don't let your financial situation become a vicious cycle!
About the Author:
Mark provides great information about signature loans online as well as reviewing some of the most prominent signature loan lenders.
posted by Debt Consolidation Loan at
10:05 AM
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