I want to take out a loan but my credit isn't too good. When I apply for loans I get denied due to charge offs, delinquent accounts and late payments. This all happened when I was in college and now I am trying to get back on track. I bank at a credit union and I heard that they tend to have better rates. I applied for a loan twice and was denied about a year ago. Are there any programs or companies that lend to people who have bad credit and are trying to get back on track??
It would be easier to answer your question if you mentioned what the loan was for. Is it to pay off existing debts? If so, you might want to try a not-for-profit debt consolidation program. Maybe you are looking for a high risk lender (with high interest rates), but again, depends on what you are trying to purchase. Do you have any collateral, house, car that is paid for? Credit unions are not the easiest to get a loan from when your credit isn't good. And the more you shop and get your credit pulled, the worse it is for your fico score. Last resort, maybe you can try your parents, interest free if you've been a good kid. Not trying to be sarcastic, but it's worth a try.
Does your company have a 401k program? Do you belong to it? If so you can probably get a loan from the plan. Ask your administrator. This is a good last-ditch method to obtain funds quickly, but remember, you need to pay it all back, or else you will be hit with early withdrawal penalties, etc. if you stop working there and can't afford to pay back the balance due.
Do you just want to build good credit and not need the money, because you could get a credit card secured by savings, and after time get it unsecured.
