Bad credit personal loans are customized for those who can’t get personal loan through conventional banks or financial institutions due to their poor credit score. In United States, there are many non-bank lenders who are willing to offer financial assistance to this group of people.
The application process for this loan is not hard. It can be done through internet or through phone. You must be surprised that you can obtain loan easily through phone although your credit score is low. Let me show you some simple steps:
Step 1: Find out whether you are eligible for the loan
Before you apply the loan by phone, the very first thing you must do is to make sure that you are eligible for a bad credit personal loan. To qualify for the loan, you have the meet two requirements as follow:
- You have a steady employment for at least 3 months or more
- You have an active bank account with positive standing
Step 2: Look for the right lender
If you are able to fulfill these 2 conditions, you can then start searching around to look for the lenders. There are many lenders who are offering such bad credit loans. You are required to choose those loan providers which have been long established and they must be the members of the Better Business Bureau. This is important because there are many scams out there waiting for their prey.
Step 3: Call up the lenders to get more detailed information
You can start contacting the lenders through phone. Talk to the representatives about the type of loan you require. Ask them for more details about the loan fees, interest rates and the terms of repayment.
Step 4: Get yourself ready for phone interview
You are advised to choose the loan package which suits your budget most. After knowing what you want, you should get yourself ready for a formal phone interview. Bear in mind that your conversation with the lenders will be recorded. The representatives will take down your personal particulars in order to make sure that you are qualified for the loan. There will be some important questions you need to answer during the phone interview.
Step 5: Wait for the approval
Once you have completed the interview, the representatives will give you a time frame that they will call you back to inform you whether your loan is approved or denied.
Step 6: Complete the loan process
Once you have obtained the approval, the representatives will contact you and guide you to the next step. In general, you will be required to go to the office of the lender personally to finalize the loan application process. Finally, you will be able to assess to the fund.
Follow the steps mentioned above carefully. You will be able to get the financial assistance in a convenient way.