Where to get a loan if your credit history is bad
The circumstances we are facing are not easy and everyone can be a stumbling block when it comes to repay a loan or credit. This means you could enter a list of defaulters you close the access to future loans , however, there are places where you can get money with a poor credit history .

To most of us sound business ads that provide quick loans in 24 hours with just one call , but are quick loans not mean they are the best and they have the lowest interest. There are other alternatives , although they are not as advertised , do present some interesting conditions.

Credit Unions

Credit unions are groups whose purpose is to meet the financial needs of its members and others exercising the duties of the activities of credit institutions . That is, a society that has the power to lend money to its members or others.

Such entities , lend at rates lower than those charged by credit cards and also its performance tends to be more flexible than banks interest. On the other hand , credit unions can assess if you traverse financial difficulties.

But not so now. Since, according to the legislation that governs them , can not lend more than 50 % of its resources to third parties, these entities are studying the operations they perform well and, moreover , that support partners in their ranks. Moreover, cooperatives have a very limited geographic area , making it difficult for everyone to have access to them.

Credit cards that allow you to fix your credit history

These cards are a product specifically designed for people with a bad credit history . They are provided by the same issuers “standard card ” or by special emitters and often have limits fairly low credit so that people , through use , to rebuild a good credit history that will allow them to return to get money from the banks.

The beauty of this vehicle is that credit apply lower interest rates than alternative ways to access credit. Some of them even less attractive with increasing use if fees are paid on time . Properly used , allow clear history and get future loans with lower interest rates .

The bad part is that being a very specific product , has limits of capital available rigid and well defined . Limiting the maximum is strict, so if you need more money , you can not get with these cards. In addition , the interest rate can rise under certain conditions and interests of approximately 3% on cash advances can be applied .

Loans with assets

These are loans that are typically backed by some of the assets that the applicant possesses, such as your home or car , sometimes even jewelery allowed.

This type of loan , especially when done with the house as collateral , serve to consolidate expensive debt. They can be ordered by a high frequency ( up to thirty years) and the interest rates offered are usually lower than in other cases ( referred loans to payday payroll or credit cards for people with bad history , mentioned in the previous section ) .

The main drawback comes from its guarantee. Because sometimes the support is housing loan , this could be repossessed in case of default . In addition, when such long-term loans are requested , you may end up paying twice as requested , that regardless of the interests are so variable that can be altered at any time.

Loans with personal guarantee

It is said that whoever finds a friend finds a treasure , nothing more true this time . In such transactions are granted loans to people with bad credit as long as a family member or friend they act as guarantors and undertake to return the money in case of insolvency of the original borrower .

This type of loan varies between 600 and 6,000 dollars and have a lower rate than loans or payday loans advertised on television and whose interest is often close to 20 % interest. Additionally, in some cases can be advanced payments without having to pay early repayment fees .

By contrast , the interest is higher than other forms of alternative credit and also lends itself to a variable rate . When the minimum timing is usually one year, amounts returned may be quite different from those requested , not to mention that in case of insolvency, the lender will attend to collect your collateral .