You may think that borrowing money may now be an impossibility just because your credit rating have dropped and that lenders consider you now a bad credit risk. This may be true if thepersonal loan or any other loan that you plan to avail would come from conventional or conservative lending institutions such as a bank. Today, there are alternative lenders that would be more than willing to lend you cash regardless of your credit standing in the community. Being tagged as a bad credit risk does not necessarily mean that you are already incapable of repaying your debt. As a matter of fact record shows that only a few percentages of those with bad credit risk are actually incapable of facing their debt responsibilities. The rest are actually just tagged as such but have the capability of paying off what they owe. An Alternative MONEY LENDER who usually caters to borrowers with bad credit rating is not concerned on how high the former’s credit score is. They are more interested on the regularity of the borrowers’ income and how much money they earn in a month. Once this is established, these lenders easily approve the borrower’s’ loan application.
Terms of Payment
Once you’ve finally gotten your loan, you may negotiate with the lender on how to go about paying off the debt. For most alternative lenders, they offer two ways by which you can settle. First is paying it off in lump sum or having the loan amortized for a few weeks or months. If you feel your income can absorb paying off the debt in one lump sum then do so. This will be more advantageous considering that you would have less interest to pay. But if your budget will not allow it, negotiate with the lender on allowing you pay the same in installment. However you should realize that if the lender do agree to your request expect a short term loan payment scheme and be aware that the interest would be higher than if you would have paid the debt in lump sum.