103 Loans

In such a strange financial situation as we face in the US right now, lenders and borrowers are interacting with each other much differently. It used to be unbelievably easy to stroll into any bank for short term loan store and end up with exactly the amount of borrowed money you expected to get. A great personality and a winning smile aren’t going to get you approved as it seems they used to.

First of all, lots of lenders are going to want you to provide some kind of credit score or credit history. That may not be something you’re in a position to offer them. You’ll need to think about other ways you can impress them enough for them to give you the money you want and need.

Regardless of your credit situation, if you have horrible credit, or no proven history of using credit wisely, it’s still very likely that you’ll be able to find a signature loan that will get your through. Quite a few banks provide signature loans for people with horrible credit. The interest rates may be usurious and unreasonable, but it may be the only path for you to get the money you’re after.

Your first thought might be to get angry with lenders when they won’t give you money in spite of your bad credit, but that’s not the most rational thought. They’re in business too, and they have to make a profit to survive. I’m sure you wouldn’t appreciate it if you gave some of your hard-earned money to a friend or family member and they didn’t repay the loan.

Nobody can run a thriving business under those circumstances, so if they’re going to loan you the money they need to have a reasonable hope of seeing those funds come back to them. If you can prove your income - show that you have a steady paycheck which will give you the means to repay the debt - they’re going to be happy to let you borrow a chunk of change. Show them you’re a person who brings in consistent income, they’re going to be a lot less nervous about lending you their money.

And exactly what amount do you need to make on a monthly basis in order to comfort your nervous lender? It’s a question of how much short term cash you’re looking to borrow. If you’re seeking a loan of over one thousand dollars, a bank will want to see that you’re earning at least double that every month before they’ll turn over the money to you.

Once you’ve proven your income, the lender will feel much more confident giving you the money. If they still feel uneasy about letting you borrow cash, you may need to provide some kind of collateral. Some of your options for collateral would be expensive jewelry, a car title, or even your big screen television.

If you can give them some piece of valuable collateral to cover their loan, there shouldn’t be anymore obstacles between you and your signature loan. It doesn’t seem reasonable that they’d seek any other evidence of your credit worthiness beyond that. Get a couple of good loans under your belt and the approval process will get easier over time.

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