A couple of years ago, I made a bad investment and lost a lot of money, which forced me to open several credit lines in order to cover my losses. I managed to cover some of the debt, but that delayed my credit card payments and my bills and then it all came down on me like a snow slide. Before I knew it, my credit history went to hell and I was “unacceptable” for any type of loan. It didn’t bother me that much for a while, as I needed to get my ducks in a row, but last year I really needed to do some repairing for the house, as the roof had leaks and I had a better job and a higher income, so I thought it would be no problem. Man, was I wrong. Apparently, there is no way banks give bad credit personal loans, no matter how many steps you’ve taken to improve your financial situation. I was quite desperate, as I needed a car to get to work and there was no way I could manage without one, so I went online trying to find out more about private lenders.
Not only did I find a plethora of information with regard to where and how to find bad credit personal loans with private lenders and lending companies, but I also found several providers online. I knew research was the mother of all solutions, so I spent two days doing nothing else but gathering info and comparing one lender against the other, asking for details and terms and conditions from all. I finally decided on a company and I was amazed at how smoothly and quickly things evolved. They processed my application in only two days and all I had to do was put down the car as asset security and that was that. My application was approved and I got the money the same week, with all my poor credit history and everything. I even qualified for a larger amount than what I needed for the repairs, so with the extra money I settled some of the other debts I had. In the end, the only monthly payment I got stuck with was the one from the loan, which significantly helped me regain my financial stability.
It’s true, the fact that I had a higher income than in the past helped me a lot, but then I got thinking that many people go through this type of problem, being unable to handle their debt at one point, but then get back on their feet, whether by finding a better job or by finding another income source. The bottom line is that banks really lose on not considering these individuals as clients, especially if they can demonstrate a steady income and the possibility to cover payments, like I could. I guess this is why private lenders appeared in the first place, to fill in that void and answer to that great market demand.