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Can One Get A Small Loan With Poor Credit Around $6000?

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Elizabeth Leake Profile
Elizabeth Leake answered
If your credit score has been affected by unfortunate circumstances and you are looking for a small to medium sized loan, there are several opportunities for you to explore.  Loans from micro-finance lenders, unsecured loans from community banks or small institutions, credit lines from non-governmental lenders and debt consolidation are options you may want to consider. 

Having poor credit does not mean you are stuck with it.  If you spend some time understanding what it is that has impacted your credit score, some negotiation with your credit agency may help remove or reduce the impact on your poor credit score.  If that does not work and you need a small loan of around $6000, community banks or small lending institutions which do not set high credit score criteria may be able to help.  In addition, non-governmental lenders are not bound by Federal regulations and can consider your individual circumstances while considering your loan application.  Debt consolidation loan programs are designed for borrowers who may not have the best credit scores.  Since your loan amount is small, you may even be able to get an unsecured line of credit.  Lines of credit work much like a credit card and some lenders even allow you to put back some of the money you have borrowed when you are able to. This will also lower the interest you get charged on the loan.  If you own a small business, micro-finance lenders who support small businesses may have special programs for you. 

Before you approach a lender to consider your application, make a good case for you loan.  An important step is to list all the factors which contributed to your poor credit score. Highlight any factors beyond your control which impacted your ability to pay and negotiate to have some of the bad credit removed. If you can, make current payments in a timely fashion to demonstrate your willingness and ability to improve your credit score. This should help you get the small loan of around $6000 which you are looking for.
Anonymous Profile
Anonymous answered
I just filled for personal BK. I want to start my own business but I do not have any money to do so. Can I still get a loan for $ 6000.
Aisha Profile
Aisha answered
Yes you can get a loan but that loan is termed as a Bad Credit Loan. You can make all the pending payments through it but the interest rate is a little higher. See the link below for more information:
www.creditrelease.com

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