Bad Credit Loans
You urgently need a loan with a bad credit history, but the banks refuse to issue it? Is the refusal caused bad credit history? This is a complicated obstacle to getting another loan. MFIs are ready to help you. But first, let’s figure out what it is, where this negative scenario comes from, by whom and where it is recorded, and how to change it.
What could be the cause of bad credit history?
A negative entry in the credit history of your payments may be the result of errors of institutions.
- information on debt closure was not received by credit bureau;
- the payment documents contain erroneous details;
- other loans are recorded in the chronology;
- there is a repeated record of former loans.
The reputation of an accurate payer can be tarnished through your fault.
This happens if you have:
- issue several loans;
- unpaid alimony;
- late payments.
Being on trial or under investigation now or in the past can also lead to the denial of a cash loan. The presence of one or more items from this list is a serious obstacle to obtaining another bank loan.
5 reasons to apply for a bad credit loan from an MFI
The financial strategy of microfinance companies is based on customer loyalty. MFIs are more tolerant of mistakes in your financial background and are always ready to provide support in difficult times.
5 reasons to seek financial assistance are:
- No guarantors are required, no information about the property is needed.
- The fastest possible consideration of applications.
- Instant receipt of funds after approval to the card.
- The ability to submit an application via the Internet at any time of the day.
- Possibility of receiving a substantial amount for new and regular customers.
Getting a bad credit loan is a chance to improve your credit history.
All credit companies send information about completed transactions to the database. Thus, the registration and timely return of payday loans to the MFI will open a new, clean page of your credit report.
3 helpful tips for building a good credit history
When applying for loans, adhere to these three rules and you will always have a good credit score:
- open your credit history from obtaining one or two consumer loans from a microfinance organization and carefully repay them.
- do not borrow amounts that exceed your capabilities and return them on time.
- do not enter into a credit pyramid, borrowing money from one organization in order to pay off debts in another.
Come to the MFI, get loans, reset your credit history, follow our advice and be always with the money!