When you have bad credit, that means you have a low credit score. This score measures your creditability. It tells lenders how trustworthy you are when it comes to credit management.
The rules are simple, if you have a high credit score, that means a couple of things.
1. You can pay your bills on time.
2. You can keep your credit utilization within 30% of your limit.
3. You do not borrow from different lenders all at the same time.
4. You have borrowed different types of loans.
5. You have a long credit history.
If you have a bad credit score, that means none of the 5 are applicable to you. It means you do not pay your bills in time. I also could mean you have a high credit balance to limit ratio.
The bottom line is, lenders know that you are not someone who can be trusted with debt. This will not really deprive you of the loan approval. However, it will result in a high-interest rate – which will cause you to pay more on the loan as a whole.
The truth is, it is not advisable to borrow money when you have a bad credit. However, if your finances are sinking and you really need the extra cash, there are military loans that you can get despite your bad credit.
Military Loans If You Have Bad Credit
The company will look at every application on a case-to-case basis. This means there is a chance that your loan will not be imposed with a high-interest rate despite your bad credit. The company understands that the situation of a military servicemember is different and that can affect their credit history.
This company allows US military members to borrow money despite a bad credit rating. They also extend this financial product to reservists, veterans, military spouses, etc.) The process for those on active duty and those who are not are different. Qualified applicants are entitled to apply for up to $40,000 worth of loan.
You also have the option to borrow from this lender. They offer military loans with fixed payments to those with bad credit. This can help you save more on your debt payments. They promise a fast application and can approve up to $10,000 worth of loans.
This company promises honesty and a fast application process. They designed their military loans to fit the dynamic and unpredictable financial situation of military members and veterans. The company skips the credit check from the application process – something that those with bad credit can really benefit from.
This lender offers military loans to those who served or currently serve in the Army, Marines, Navy, Air Force, or Coast Guard. Their loan package is customized to specifically for military personnel and their unique financial situation. It is designed to offer quick approval and will not give a high importance on your credit history.
It is highly advised that you conduct thorough due diligence on any of these companies before you make your choice. You want to be sure that you will choose the lending company that understands your specific financial situation so they can help you meet your financial goals. Research reviews and various feedback about the company before you decide. It should take more than a low-interest rate to convince you that a lender has your best interest at heart.