When you need a long-term installment loan but you have bad credit, it can be challenging to find someone who is willing to extend a loan. However, if you have verifiable income, it is possible to find long term loans for bad credit. The most important thing to remember is to be patient with the process, and always look for the loan company or lender that offers you not only the best interest rate but who can provide you with the best quality customer service. No matter what you need money for, long term loans for bad credit are available if you look in the right places.
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Start by comparing loans at your local bank or credit union. You can talk to a loan officer or lender in person, and explain why you are in need of long term loans for bad credit. If you have been a member of a particular credit union for a long time, they are often willing to work with you regardless of your loan situation to help you get the money you need. Many credit unions have both unsecured, or signature, loans along with programs like second mortgages, home equity lines of credit, and other forms of secured loans that they may offer. If you are hoping to borrow a large sum of money, this may not be your best option though.
Before you sign any loan papers, spend some time researching loans on the internet. There are loan companies online that specialize in long term loans for bad credit. Many of these companies are looking for people with bad credit who are willing to improve their credit score by paying back a long-term installment loan on time. For people with poor credit, the annual percentage rate (APR) on these loans will be higher than it is for people with better credit scores. Some companies even offer long term loans, no credit check required. Due to the recent down turn in the economy, companies are willing to extend long term loans for people with bad credit as a way to help them turn their financial situation around.
If you have a poor credit score due to a bankruptcy, there are also long term loans for bad credit that will work for you. Longterm loans for bankruptcy depend primarily on your current income and how long it has been since you declared bankruptcy. If your bankruptcy has been discharged for several years, it may not have as much of a negative effect on your credit as you think. You may want to start by trying to get some small short term loans for bad credit, and then pay these off. As you prove your fiscal responsibility, more lenders will be willing to take a shot at loaning you money.
No matter what your credit score is, there are long term loans for bad credit available to you if you are willing to spend a little time looking for the right company. Don't let your past credit problems prevent you from getting the money you need to move on with your life.
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