Getting a hummingbird loans quick online installment loans is not an easy process for anyone, but it is made more difficult if you have bad credit and you have not collateral for the loan. When no assets are available to borrow against, this is called an unsecured loan. An unsecured loan with bad credit is an especially difficult situation, but it is not impossible to get a loan with bad credit. Follow these steps.

Ditch the Bank

Most banks will not even look at your application if you have bad credit and no assets. They are looking, especially in the wake of the financial crisis, to make easy money and sure bets. Banks are not your best option, though they might offer the best rates.

Try a Credit Union

Not quite as picky as a bank, credit unions tend to have friendlier rates and friendlier loan officers. If you almost qualify at your bank but fall short you might try a credit union. These are like banks, but they only loan money to members. Most credit unions, however, make it very easy to be a member. For example, they may require tha you live in a certain city or have a particular occupation. Beyond that, you may need to buy a share in the union. It is usually a nominal share price ($10-$50).

Try Credit Cards

Credit cards are the original unsecured loan. If you have bad credit, you may not be able to get a good rate, but then again, you might do better than any bank would give you. Shop around and see what kinds of rates are available. Keep in mind that as you apply for credit cards, you may be doing further damage to your credit. Be sure you actually need the money before sending out dozens of applications. Find a good rate and investigate fees.

Try Crowdlending

Online crowdlenders like Lendingclub.com, allow people with bad credit to get unsecured loans. People, often many people, choose to invest in your hummingbird loans $3000 installment loans no credit check as a sort of junk bond. The borrower pays a premium rate (as high as 23%), but this is often less than credit cards. Plus, the loan gives the borrower cash up front, not just a line of credit. Online lending platforms are becoming more common, so seek out the best option for you type of loan.

How to Write a Crowdlending Proposal

If you use a service like Lendingclub, you will have to write a proposal for your application for you loan. This is a listing that potential investors will see. With that in mind make sure that you take seriously what you are asking. You are asking for people to risk their money to help you out. Keep you proposal serious and professional. Use correct grammar and emphasize your positives. If you have a good job and steady income, mention that up front. Always state what you will use the hummingbird loans bad credit personal loan for and why you need it. This helps people know you as a person, not just an investment.

Bonus Tip

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