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It happens. You have already taken out a mobile loan but you find out later that you actually needed to borrow more. Not you want to find out if there is a way for you to take out another loan from the same lender or try your luck somewhere else to get the extra funds you need. The question is if you’re allowed to do so.
Taking Out a Second Loan from the Same Lender
It is common for lenders to approve a second loan from a borrower who already has an existing loan with them. As long as he has paid a part of the current motorcycle loan’s balance, getting a second loan is always possible. Still, one must not expect to get the same loan terms and offers as the previous. Generally, the second loan would be more expensive.
Getting a Loan from Other Lenders
There is definitely nothing that prevents you from taking out a loan from other lenders. You can apply for as many online loans as you want and to as many lenders. Whether you’ll be approved, however, is a different story. Sending loan applications means that lenders will do a hard inquiry on your credit. If they find out that several inquiries have been made by other lenders due to the multiple applications you have sent, they’re only likely to turn you down. They’d see that you have an already existing loan too which further increases the chance of you getting denied.
If you ever get approved for a personal loan even with an existing one, expect that you will have a much higher debt to income ratio. If you enjoyed a competitive loan rate from the previous loan you took out, you cannot expect the same thing with the succeeding online titled loans. It will be more expensive. The terms won’t be as attractive. Ultimately, you will have to pay a much higher interest rate as well. It is best to pay off any existing debt you have first before applying for a new one.
You need a payday loan, but unfortunately, your credit is bad. Don’t despair – there are lenders online who offer payday loans even if your credit does not look good. What makes it better is that you can get the money that you need immediately – yes, no waiting needed!
Can I Get a Payday Loan Even if I Have Bad Credit?
Payday loans offered by online lenders do not require a credit check which can be detrimental to your loan application. This means that even if your credit history is not flawless, you can obtain a payday loan in an instant. If you are suddenly presented with an emergency that requires money to pay for unexpected medical expenses, an emergency car repair, or maybe an unplanned trip, a payday loan is a viable option because you can get the loan proceeds in less than 24 hours.
There are plenty of payday loans online and the loan application process is quite simple. All you need to do is fill up an application form with your personal details including your bank and employment information and submit it online. The lender reviews the form and requests the necessary documents from you to support your application. Once the lender reaches a decision, the funds will be deposited to your bank account in a matter of hours. Repayment of the payday loan is done through automatic debit.
It is important to remember that payday loans are short-term borrowings that have high fees and interests. Make sure to settle the loan as agreed upon so that you avoid higher interest rates and additional fees.
Yes. Loans for people with a bad credit history are called ‘bad credit loans’. These types of loans are oriented towards people who have less-than-stellar credit histories. In typical situations, people with bad credit are outright barred from availing loans. The number of people who have bad credit histories outnumber those who don’t, though, and lending companies found it to be a profitable and largely untapped market.
Is It Possible To Acquire Loans Even with Bad Credit?
There are several ways to get a loan even if you have bad credit. Here are some of the possible avenues you might want to try:
· Collateral loans – if you have something of value to use as collateral, it won’t matter whether you have a bad credit score. Using your vehicle, your house, or some other item of value as collateral for a small loan will invariably be met with ready approval regardless of your credit score.
· Co-maker loans – co-maker loans are also a great way to avail of loans in spite of bad credit. Co-maker loans need the participation of a willing party – whether a friend or a relative – who will act as your guarantor. This individual will sign a contract that binds them to pay off whatever you owe in the event that you can’t.
· Credit unions – there are some credit unions that cater to the needs of people who have low credit. They will offer you small loans which can be easily repaid, without asking or prying into your credit history.
Regardless of whichever option you choose, always make sure that you have the means enough to repay your loans promptly since it goes a long way to reestablishing your credit score.