4 Tips for Getting a Loan With Bad Credit

Expect bad credit to limit your loan options. But, a low credit score is not the end. You can find lenders willing to fund your business, home purchase, or any other financing needs. American Loans and Mortgages shares some tips to help you get the money you need, even if you have a poor credit history.

We’re Here To Help. Apply For A Low-Credit Loan Today!

Credit score reports stacked together.

Know Your Credit Score

What is your credit score? 

Your FICO score is a factor that affects your eligibility for different loan programs. Ask for your credit report from any of the three bureaus to know your score. Making an effort to improve your score before applying for a loan also increases the possibility of getting loan approval.

Couple looking at computer together and comparing loan terms.

Compare Loan Terms

You have many options outside of traditional lenders when you’re planning to get a loan. Whether you’re working with traditional lenders or not, compare loan rates and terms for each loan. When shopping for a loan, consider lender reputation in addition to rates and terms. Find a lender who will support you in achieving your goal.

Couple working together on a financial plan.

Make a Plan

Prepare for your loan application, and put in more effort when your credit score is less than ideal. Consider getting a cosigner with a high credit score or a steady income stream who could pay off the loan in case you default on the loan. You can also offer collateral to secure better terms and rates for your loan.

Key in a door with a home keyring attached to it.

Partner With American Loans

When it comes to custom-tailored loans that suit your circumstances and financing needs, American Loans and Mortgage is your go-to option in the state of Utah. With access to an extensive network of lenders and banks, we can help you find the most affordable loan products to suit your life situation.

A bad credit score doesn’t mean you’re out of options. You can still access different types of loans. If you’re looking for a low-credit loan in Utah, American Loans and Mortgage can make the process easier by tapping its lender network and choosing all loans applicable to your situation.

Contact One Of Our Low-Credit Loan Experts to Learn More.