How can i get a secured loan even though i have bad credit?
Tuesday, March 9th, 2010 at
2:00 pm
I have property that can have a house built on it. It is ready for construction. but my credit sucks and i have been going back and forth with the credit agencies because half of the stuff on my credit is not mine one credit place fixed it equifax so my equifax or experian report is clean and i got turned down not because of bad credit but because there wasnt enough on my credit?
no i dont want to build on it. I have a home that I live in. I only owe 3000 then it will be mine. I want to get a loan to pay it off and do some home improvements I have no desire to build on this land. But its well worth 25,000 to 30,000 and I am looking to borrow about 20,000 after I finish my home improvements im going to use what is left towards paying back the loan.
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Tagged with: Bad Credit • Credit Agencies • Equifax • Stuff
Filed under: secured loan
Find a company that works with bad credit. There are a lot of time. Look on the internet!
Good Luck!
Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shop
The difficulty is that you need a construction loan, not a mortgage which is much easier to obtain. With a property that does not have a home on it already, the bank also takes construction risk, so these loans may be more expensive.
The best I can say is get all your credit reports cleaned up and develop a longer credit history. You have to have good and timely payments, no bankruptcies, low (or no) balances with a good amount of available credit.
If you already have credit cards and an auto loan, your credit history should be building up already.
Please listen to what you are asking. “How can I get a lot of money, when I have proven that I can’t pay back my smaller debts?” I know there are errors on your report, but lenders don’t care. Plus, construction to perm loans are expensive and w/o good credit you are going to have money down (lots of it). You can build back your credit by starting out w/small credit cards. You need 3-4 trade-lines, so if you have a car loan that counts. Use credit cards responsibly – pay on time, keep used below 1/2 of limit. It will take about 1-2 yrs to repair. Plus, save, save, save, save. You can do it, you will just need to be patient.
There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements.
Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off e]There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements.
Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on.
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