In this article we are going to examine what I like to call the dying breed of loans - the signature loan, and this obviously goes double time if you have bad credit. Let's take a quick look at a definition, and see what you should expect when applying for a loan on your name alone. Read on!
What's in a name?
Your name is more than your word these days. It's close correlation with your Social Security number offers an immediate window into your past payment history, and if you've been late, or delinquent with your debts, unfortunately. . . . it's not worth much! A signature loan is a simple euphemism for an unsecured note, or one where you are putting up NO collateral to secure the funds should there be a problem. These sorts of agreements are going the way of the Western in my humble opinion. . . as you really need a stellar credit record to obtain any sizable funds without the benefit of providing security.
The Good News?
Well, even Donald Trump still gets SOME money on his John Hancock alone, and so will you. Expect to pay a much higher amount of interest, and don't expect more than a nominal amount of credit extended. Depending on your past history, and your assets otherwise ( because you still can be sued if you don't pay) you may get 5-10 thousand dollars from national firms that specialize in these notes, but not much more. If your credit is below the 675 or so, you really shouldn't expect any loan that isn't secured by some real property you own.
And remember. . . . . bad credit is a CHOICE! You do NOT need to suffer from the HUMILIATING effects of a poor credit rating one single, solitary day longer than YOU choose. Knowledge is power. And with our present day understanding of consumer credit laws, the FCRA and all of it's subsequent amendments and revisions, the United States Congress has given ALL of us the power to fix our credit . . . and FAST!
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