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Fast & Free Quotes – Second Chance Financing – Rebuilding Your Credit
Getting A Second Chance
Everyone needs a second chance to establish themselves. People make mistakes, especially with credit.
Credit Card Companies
This is because just as soon as you turn 18, credit is thrown at you. Credit card companies have built empires off the backs of those who they have helped get into debt.
They make the most money off of those who use credit the most irresponsibly and in many ways have encourage this activity. How many times have you charged up a credit card only to have the credit card company raise your limit? Do you think they do this to help you stay responsible or to get you to be indebted?
Loan Monkey Can Help
At Loan Monkey, we are not direct lenders, we instead give you access to a larger network of online lenders. This makes it far easier to get an approval than working with an individual lender.
With an individual lender, you fill out one quote and hope for approval. If you do not fit their one specific set of requirements, you get denied and that is that.
With a network, if one lender does not want to make you an offer, your info goes to the next one. This happens repeatedly until one is found that wants to make you an offer. It is the easiest way to get second chance personal loans with bad credit.
Getting Your Quote
Whether you need 1000 dollars or 20000 dollars, it all starts with the quote form at the top of the page. Just fill it out with your basic information. Things like your contact information, income information and banking info. If approved and you accept your loan, the lender will use the banking information to send you your money.
Complete the form and then you will be required to accept the terms and conditions. Simply do that and hit the submit button. Then the magic of the network begins.
Your loan quote form will then go from lender to lender until one is found that wishes to extend you second chance financing. They will then send you a personal loan offer or you will be directed to their website so that you can review the terms of your offer.
It is very important that you read all of the details so that you know exactly what you are getting into. Of particular importance is the payment amount and the total cost of the credit being extended to you. If something is not clear, be sure to contact your lender.
If you like everything that you see, you can accept your offer and wait on your money. In many cases, it will be in your account the very next business day.
Making The Most Of Your Opportunity
Be sure to take your second chance financing seriously. This means making your payments on time and using your loan money responsibly. If the loan payments are not automatically withdrawn, be sure to set up some sort of automated reminder so that you know when it is due.
In addition, be sure to insert the payment into your budget so that you know if you need to make any cuts to make the loan work.
Improving Your Credit
Hopefully, you have been able to secure your second chance personal loan. If not or if you want to further improve your credit, here are some things that you can do to boost your score.
Credit is essentially a formula. It is math so there is no magic involved in getting a good score. You just need to pay your bills on time, keep your balances low and stop applying for new credit unless absolutely needed.
On Time Bill Pay
This is one of the biggest parts of getting a good credit score. Try to make all of your bills on time and your score will go up. Even if you have 30 day or even 90 day late pays, you can overcome it with time.
If you find it hard to make payments on time, you should set up email reminders and if possible, automatic payments. Make sure that you have money to cover the bills by making a budget so that you know where your money is going.
Keeping Balances Low
If you were from the credit bureau, you would call this credit utilization. You want to be using less than thirty percent of your available credit. If you are using much more than that, don’t panic, just keep paying it down. This is not an all or nothing thing. Go from 90% used to 80% used, for example and you will see a credit score increase.
Keep paying your cards down as much as you can. Once you have built up a reliable pay history, call your credit card company and ask for a credit line increase. Credit increases accomplish the same goal as lowering your balance. It increases the amount of available credit which should lower your utilization, which should increase your score.
Watch Out For Inquiries
A lot of inquiries is a red flag to creditors. Try to keep new inquiries at a minimum. They will affect your score for one year so keep the number down.
