How to Get a Loan: Say No To Easy Money

There are no easy tricks to getting a loan, and anyone who promises you a loan regardless of bad credit or low income is probably offering you a raw deal. Lenders offer loans to borrowers in exchange for interest and other fees with goal being to make money. If you fall into the category of a “high risk borrower” or don’t have a credit history then you won’t get a loan no matter who you go to (or you’ll be facing a very high interest rate).

• Boost Your Credit
• Manage Your Money
• Get Expert Guidance
• Take Charge
• Achieve Financial Security

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Getting a loan means either improving or establishing your credit score. Both of these options require you to have a good grasp on your finances. If you don’t have much experience managing your own money or if you have bad credit as a result of missed payments, getting professional help with your personal finances is a smart idea. HelloWallet is a professional financial guidance provider that can help you better understand and manage your finances.

If you don’t have a credit history then you need to work on building one before any lender will take your loan request seriously. Two ways to build credit are secured loans and secured credit cards. A secured loan is a loan that requires a sizable deposit up front. The “security” on your secured loan can be anywhere from 25-100% of the value of the loan, depending on your financial profile. It might seem like a raw deal but making payments on time will help you build a solid credit history.

A secured credit card is another tool to create a credit history and improve your credit score. It is the same concept as a secured loan. You get a credit card and put a sum of money equal to your spending limit in an account. You can make purchases with your card, but if you don’t make payments on time then the money is taken from your secured account. Again this is a bad deal on a credit card, but a good way to create a history of good credit use.

If you are unable to get a loan due to a bad credit history the first thing you need to do is get your finances in order. If you have outstanding debts, missed loan payments, or are carrying balances on your credit cards it is essential for you to build a budget to pay off the damage. HelloWallet automatically breaks your financial data: checking, credit, and loan accounts, into spending categories to let you see where you can trim the fat.

By budgeting you can free up funds to pay off your high interest balances first, and then snowball your debt onto lower interest cards. This is not necessarily a fast process, but using HelloWallet to get the most out of your income can move things faster and smarter. HelloWallet also has a proprietary database of more than 50,000 bank products and will recommend products that can help you improve your finances.

Getting a loan depends on your financial health, so use HelloWallet to get in great financial condition! With financial wellness comes good credit, sign up today!