Loans for people with bad credit

If you have bad credit, you are probably interested in trying to rebuild it. It won’t happen overnight and it isn’t easy, but it is possible. One way to achieve this is to obtain a loan from a friend or family member.

It is best to request a small amount, when asking for help. As I’m sure you might guess these individuals will probably be somewhat reluctant to loan you money, based on financial decisions you’ve made in the past. It is up to you to convince them that you are ready to change.

When making your request, be honest. Explain that your desire is to be more responsible financially and you feel that this loan will be the first step, in the right direction. Use the money for something you really need or even to start a small side business. (There are several home businesses that can be started for $200 or less.)

If you borrow $200, pay it back in increments of $25 per week. The most important thing is to make these payments on time. Once the loan has been paid in full, the person who made the loan will be more than likely to cosign on a traditional loan, if needed.

Filed under: Advice, Bad credit, Finance by MerryS