Bad Credit History?

It is a common enough situation. You suddenly need a loan but you have a poor history of repaying previous loans, so you are wondering if the bank will lend to you again. How do you get a so-called "bad credit loan"?

This situation really is familiar to many of us. For one thing, we all struggle to meet our payments and will occasionally fall behind.

A true story of getting into debt

Here's a common situation; a true life story. A young borrower with a mortgage on his first house had not understood that the finance company he had borrowed from was inflexible with his repayment schedule. So when he had a lot of money on my credit card one month, and a small income from a low point in my business, he simply didn't pay his mortgage payment and put that money instead into clearing my credit card debt.

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A short time later he got a stern letter from the mortgage lender: in no uncertain terms they told him he was behind on his payments and would incur some fairly hefty penalties if he didn't quickly bring his account up to square.

So he called them. When the woman in the bad debts office found out he had not paid because he had channelled his small income that month to his credit card company she almost dropped the phone in surprise.

"Whatever you do," she said, "make the payments on your house first! Find another way to pay your credit card, but never let your house fall into the hands of a repossessor!"

Some loan repayments you must never miss

When she put it like that, of course, the young householder realized immediately how foolish he had been. Quickly he sorted out his repayment priorities and tried to never get there again. This is a true story many of us will recognize. We have been in the situation of having a less than perfect loans repayment record.

Its also true that many of us have sudden emergencies where we need money. Lots of money. Fast.

Reasons for bad credit

A daughter announces she is getting married to her sweetheart and suddenly you need $20,000 to pay for a wedding. Or your car breaks down, the repair bill is going to be more than the vehicle is worth, and you're looking at finding a new set of wheels -- quickly -- at a price you can't afford. Or your home suddenly needs an extra room or a new roof, or foundations have to be reset.

There are many, many reasons why we might suddenly need more money than we have in the bank. Most of them legitimate and reasonable. But what is you have a poor history of payment. Can you get a bad credit loan?

Surprisingly, perhaps, the answer is, yes. Even someone with a bad credit history can probably get one of these loans.

How to get a quick loan

Just put your home up for security and borrow as much money as you need.

How easy is that? Well, it can be very easy. This is how it works of many people like you.

You approach your lender, your bank, perhaps. The institution that has loaned you the money to buy your home. If you have a reasonable amount of equity in your home, the lender will be happy to lend you more money and extend the terms of the original mortgage.

It couldn't be simpler and the result couldn't be better for both you and the bank. You have the money you need for the wedding or the car. And the bank knows that it can't lose the fresh borrowings it has advanced to you.

So pick up the phone and get an appointment with your lender. If you have been paying your mortgage off for a few years it is very likely you will get a new bad credit loan, even if you have a history of bad credit.

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