What Should You Do When Traditional Lenders Reject Your Short-Term Installment Loan Application?
Do you still remember how it feels being bullied, or being snubbed because of having low grades in school? It definitely sucks when you are being discriminated especially when you’re lack of something – particularly your low credit score, which many traditional lenders would normally reject your short-term installment loan application regardless how many times you convince them in-person.
If you’re in this difficult situation where you still couldn’t get any financial assistance from these lenders, it’s time to wise up and act rationally. You can’t simply fight with a big bully with your own bare hands – you need to use your wisdom to overcome such critical situation. online installment loans
Hence, fight back – but with appropriate strategy. Here’s how you can get short-term installment loans when you’re not shortlisted by traditional lenders.
1. Locate lenders who are consistently providing trustworthy bad credit financial services
Most people would lose their sense of direction when they are in financial turmoil. They act hastily by signing up loans from lenders without prior research. In the end, they would probably succumb to unreasonable loan cost which they couldn’t afford over long period of time.
Things that you should take note: When you’re being cornered by your financial problems, you need to do prior background research on non-traditional lenders – who are commonly providing short-term installment loans for people with bad credit. The best online resource for such thorough research is Better Business Bureau (BBB) directory where you can view company reviews for absolutely free.
2. Compare different short-term installment loan deals from different non-traditional lenders
Now, you have to deal with another problem which is choosing the right short-term installment loan based on several criteria – ‘affordability’ and ‘dependability’. Firstly, you are required to endure high loan cost because of the high interest rate applied. ‘Affordability’ means that you need to ensure that you’ve the ability to pay off the loan for the whole loan term.
On the other hand, ‘dependability’ means that the lender has to assure the borrower that they are providing reliable loan lending service as written in the loan terms and conditions.
Things that you should take note: Compare as many short-term loan products – i.e. 10 or more loan products, offered by different non-traditional lenders with the intention of choosing a loan that you can truly afford to pay off. Never sign up for a short-term installment loan product before you read and understand the loan contract.
3. Get a person who has a good credit history and finances to support your loan application
You need to be patience and sincere when you’re persuading your spouse, one of your family members or your friend, to be the guarantor of your loan application when non-traditional lenders strictly require one when your credit score is terribly low.