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How do you apply for a loan if you have insufficient credit history?
Wiki User
∙ 14y ago
A bank will use various criteria to ascertain whether you are a good risk to lend money to. Your credit history should not be described as insufficient. It is an historic picture of your past credit situation. You cannot change this. Apply for a loan only if you feel you have a good chance of being successful, because the result of the loan application could be shared with other lenders. Speak to someone first before applying.
Wiki User
∙ 14y ago
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How can one with a bad credit history apply for loans?
There are many options for those with bad credit history to apply for loans. These options include using a home equity line of credit, applying to credit unions, getting a peer to peer loan, getting a loan from family or friends, and appealing to a co-signer.
How does someone apply for a commercial loan?
The easiest way is to contact your bank and present them with your entire credit history. If they approve they may grant you the loan of your choosing.
Where can you get a 2000 loan with bad credit Or Can you get out a loan at 15 with no credit?
Do Not apply for a loan from Western Sky. They make you jump through hoops to apply and then pull the rug out from you
Can an 18-year-old with a full time job get a loan?
Legally, an 18 year-old can get a loan, however, they don't generally have a long enough credit history to do so. Even with a full time job, the lack of credit history will deter financial institutions from offering credit. Some suggestions: * Apply for a loan with a co-signer (that has a good credit history) * Apply for a secured credit card that reports to credit agencies (one will deposit money in an account which will protect the issuer of the secured card from default; over time, the credit record will be built and the card holder can apply for standard credit products)
What does insufficient credit mean?
Insufficient credit mean that there is either "no credit" information available or not "enough" credit information to base another credit decision on. He/she has not financed a car, loan, and/or a charge card at all or has only had it for a very short period of time (6 months or less). In other words, if you are looking for a loan, and I pull your credit, and there is nothing there to show me that you will or can pay on time, you have insufficient credit on which to base a decision.
How can one with a bad credit history apply for loans?
There are many options for those with bad credit history to apply for loans. These options include using a home equity line of credit, applying to credit unions, getting a peer to peer loan, getting a loan from family or friends, and appealing to a co-signer.
How does someone apply for a commercial loan?
The easiest way is to contact your bank and present them with your entire credit history. If they approve they may grant you the loan of your choosing.
How can you apply for a 2nd morgage loan?
First, be sure you can afford it. You will also need good credit and a solid employment history. Compare rates and go into a bank or credit union and apply there.
Can an 18-year-old with a full time job get a loan?
Legally, an 18 year-old can get a loan, however, they don't generally have a long enough credit history to do so. Even with a full time job, the lack of credit history will deter financial institutions from offering credit. Some suggestions: * Apply for a loan with a co-signer (that has a good credit history) * Apply for a secured credit card that reports to credit agencies (one will deposit money in an account which will protect the issuer of the secured card from default; over time, the credit record will be built and the card holder can apply for standard credit products)
Where can you get a 2000 loan with bad credit Or Can you get out a loan at 15 with no credit?
Do Not apply for a loan from Western Sky. They make you jump through hoops to apply and then pull the rug out from you
What does insufficient credit mean?
Insufficient credit mean that there is either "no credit" information available or not "enough" credit information to base another credit decision on. He/she has not financed a car, loan, and/or a charge card at all or has only had it for a very short period of time (6 months or less). In other words, if you are looking for a loan, and I pull your credit, and there is nothing there to show me that you will or can pay on time, you have insufficient credit on which to base a decision.
Where online can someone apply for a fast credit loan if they have bad credit?
There are several places to apply for a fast credit loan if one has bad credit. These include payday loan companies such as Wonga, Quickquid and Norton Finance.
How can one acquire quick bad credit loans?
It can be difficult to acquire a quick loan with bad credit history but there are some options that one would be suggested to do so. One can apply to Credit Union or get a loan from family and friends.
What criteria is needed to apply for a credit union loan?
"In order to apply for a credit union loan, you may need to become a member of the credit union where you are applying. Contact the credit union to ensure of the proper criteria in order to obtain a loan."
What does insufficient means?
Insufficient credit mean that there is either "no credit" information available or not "enough" credit information to base another credit decision on. He/she has not financed a car, loan, and/or a charge card at all or has only had it for a very short period of time (6 months or less). In other words, if you are looking for a loan, and I pull your credit, and there is nothing there to show me that you will or can pay on time, you have insufficient credit on which to base a decision.
When does 'concentration of credit risk' occur?
Credit concentration risk is a result of loan portfolio insufficient granularity (large single name exposures) or insufficient sectoral or regional diversification.
When you have a cosigner on an auto loan is your credit considered at all?
yes, the reason for the co-signer is either due to lack of credit or the possibility of insufficient income to repay the loan
