Some consumers have a credit rating that is good while other have bad credit. Some individuals do not have a credit history at all. Lenders see this information on your credit report when you apply for a loan and they use it to help them decide if they want to approve you for a unsecured installment loan.
If your credit it good, it means that you pay your bills on-time and don’t have big loans. This is great for the borrower because they have more loan choices, will pay lower interest rates, they will pay less overall for the loan, and it will be easier for them to get approved.
On the opposite side – for those with bad credit, it means you have a high debt load and don’t pay your bills on-time. This will limit your loan choices, make it harder to get approved, you will pay higher interest rates, and the loan will cost the consumer more in the end.
For those with no credit at all, it means that you never borrowed money from a credit union or bank and never had a credit card. Some might think this is great, and I say it’s awesome if a consumer never needed to rely on buying anything with credit, but to a lender – it doesn’t. Having no credit becomes a problem when trying to get approved for a loan because a lender doesn’t know if you are risky or not and doesn’t want to take a guess at it. They also don’t want to give you the benefit of the doubt. While the effects of having bad credit or no credit are similar, the person with no credit can establish good credit faster.
Before applying for a unsecured personal or signature loan with bad credit it can be a good idea to get a copy of your credit report to find mistakes or problems and fix them. You could find accounts listed on your report that are not yours or somebody’s information that is on your report that was made by mistake or even worse – someone stolen your identity! Accounts that are not yours and are delinquent could be lowering your credit score worse than what it is. If the information contained about you is wrong, you can fix it by filing a dispute with the appropriate credit bureaus. If the information about your accounts and yourself is right, but not so good, you can take steps to improve your credit history by making on-time payments and lowering your debt ratio.
For those living in Georgia in need of a signature or personal loan right away because of unexpected expenses that arose, our free consumer organization “InfoAviator” found that there are credit unions, banks, along with other financial companies that are more forgiving on past credit problems and are willing to give those with poor credit a second chance signature or personal loan.
Please note that there are no guaranteed offers for credit but instead a greater chance of getting approved for the money you are in need of borrowing. Ads that claim that “We don’t care about your past credit and that You deserve a loan” or “Bad credit Is No problem” often indicate a scam. Generally speaking, most legitimate lenders and banks will evaluate your creditworthiness before approving a loan to anyone. Learn more about guaranteed loan offers that may be scams by visiting the (FTC) Federal Trade Commission – http://www.consumer.ftc.gov/topics/money-credit.
Our staff along with our registered community members have taken the time to list these banks and credit unions that are willing to offer bad credit applicants personal loans under “fresh start”, “second chance”, and “credit builder” programs. To see a list of these financial institutions, in which our viewers have submitted, that are currently offering Georgia residents the option to apply for the above types of programs — please see http://answers.infoaviator.org/?qa=552/second-chance-unsecured-personal-loan-georgia&show=552#q552 and feel free to join our great community of contributing members to add any banks or credit unions that our staff or current members may have missed.
In addition to the above list that was submitted by our registered viewers, please check our staff reviewed approved list of nationwide banks and financial institutions offering loans to people with less than perfect credit at http://infoaviator.org/finance/credit/personal-loans/2014/05/27/where-to-get-a-easy-unsecured-personal-loan-with-terrible-credit/.
InfoAviator Publishing is a organization determined to help bad credit consumers currently residing in the cities and townships of (but not limited to) Athens, Dunwoody, McDonough, Griffin, Dalton, Statesboro, Acworth, Valdosta, Woodstock, Rome, Gainesville, Warner Robins, Mariettam, Kennesaw, Newnan, Savannah, Milton, Macon, Lawrenceville, East Point, Smyrna, Hinesville, Sandy Springs, Carrollton, Douglasville, Peachtree City, Albany, Columbus, Stockbridge, Augusta, Johns Creek, Canton,
Atlanta, Roswell, LaGrange, Duluth, Alpharetta in the state of Georgia.