Bad Credit Loans

A loan may be the best option you have right now to change your situation. Nevertheless, banks and other institutions are unwilling to trust someone with a bad credit record. You may first want to regain financial credibility, and one of the first steps is to use a credit card for bad credit, which will give you trustworthiness and financial responsibility and later, independence.

If you don't wan to get another " no ", you might read the following pieces of advice, which are to be put in action in the case of an interview with a financial institution.

# Doing it right

Do not present yourself in front of an adviser without having perfectly understood your project. If you want a loan for your business, you have to know perfectly the market situation and evolution, why your business model is good, you competitors, your product of service feasibility, etc. No matter the reason, this work includes having perfectly understood your why's (why this project, why now, why you, why here where you are), the needs you have and how much do you need; do not be afraid to state your need.

You must know your needs and the environment in which you are evolving à la pointe des doigts. It will tell the adviser that you are a wolf seizing an opportunity (for you and for institution) and not a sheep turning around without direction.

# Redeem yourself

It should not be too long and it always shows humility, self-awareness and intelligence when some of your first sentences clearly states why, how you ended up in this bad situation and how well you have learned the lessons. It spares the interviewer to say it to yourself, specially if he knows you for a long time. But do not try to put the fault on something or someone else, nor try to be pitiful, as these will put a shadow of ignorance and contradiction in the whole speech.

# Show your skills

You should convince the interviewer that you are a person capable of taking the responsibility for the loan; you should state how good at your field you are or how good your financial situation will be (show him numbers), because you have taken the necessary steps towards it.

# Show their interest

" If you want to make friends, don't talk good about yourself " applies here too. Do not tell them how good your situation will be and how happy you will be if they give you the loan, because they do not care. They care bout their interests.Tell them how much their will harvest on your efforts and how much the chances of success are high because you have done your homework (#1) and you are capable of undertaking the task (#3).

# The feasibility

The time, if you have some, you ask for a loan counts too. Taking into account inflation, being on a phase of progress for the country and when your special field is booming, puts points in your side. The most important factor will be your future capability to pay on your due date and the potential interests, so you should not make the same mistakes and be financially responsible.

# Misc

In respect to the tone you are going to use, never be familiar (" bucks "), nor too formal. Don't try to pretend you know finance by using financial terms, because if you really knew finance, you would not be in this bad financial situation. Use common terms precisely and with meaning.


Later will be published a paper telling how to choose the perfect institution to get a loan, even with great difficulties.

Image : © Kevin Dooley, CC BY 2.0.