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  1. 1. Getting a loan to cover those extra needs can be difficult, but there are some measures that everyone can take to greatly enhance their chances of havingtheir loan application approved. In fact, even personal loans for people with bad credit can be made much easier to secure thanks to these steps.westernsky
  2. 2. In essence, they relate to alleviating the basic fear that all lendershave - namely, that the borrower will eventually default on the loanThis fear is often reflected in the absence of any low interest ratesBut in this respect, the use of a cosigner can prove the perfectsolution
  3. 3. Alternative sources of funding are also possible, underlining the factthat personal loans are not exclusive to traditional lenders, like banks Fast approval and fast access to funds means emergencies can bedealt with too A Cosigner Makes It Easy Lenders that are willing toprovide personal loans for people with bad credit know that they aretaking on a little more risk than usual
  4. 4. For this reason, approval is not guaranteed to an applicant who hasbad credit The criteria that is typically applied is not always relatedto the particular credit score, but on income and existing levels ofdebt However, by finding a cosigner the stress of meeting thesefactors is lifted
  5. 5. This is because a cosigner agrees to take responsibility for the loanshould the borrower fail to be able to make payments So, the lenderis provided with a guarantee that the loan will be repaid regardless ofthe state of the finances the borrower has This extra sense ofsecurity not only means a low interest rate, but also makes approvalon an application for a personal loan all but assured
  6. 6. The Cosigner Alternative Not everyone is able to get their hands ona cosigner that is considered suitable, but there is an alternativeWhen it comes to seeking personal loans for people with bad credit,there is a basic understanding that a cosigner should have anexcellent credit rating The problem is finding a person with that typeof rating who is willing to accept responsibility should the borrowerdefault
  7. 7. And while this may mean great advantages for the borrower, withlow interest rates and an assured approval, the cosigner is taking abig risk themselves So, of a cosigner cannot be found, what is thereto do? Well, there are lending networks online that match individualswho are seeking a loan with individuals who are willing to lend Thismethod of securing personal loans is growing in popularity but it is
  8. 8. important to be careful
  9. 9. The advantage is that banks and institutions, and their high interestrates, are not involved Small Emergency Loans If a lending networkdoes not sound like your thing, then there is another alternative togetting a cosigner In fact, these are other types of personal loans forpeople with bad credit, but westernsky are limited in their size
  10. 10. Also called payday loans, they range from $100 to a maximum of$1,500 Perhaps the most attractive aspect however, is that there areno credit checks involved, so credit ratings have no say in theapproval process A negative aspect however is that there are no lowinterest rates - in fact, the rates are infamously high
  11. 11. There is also a need to repay the personal loan in full within 30days, which may place some pressure on the normal monthlyfinancial obligations
  12. 12. westernsky