How to Find a Bad Credit Tenant Loan

Best way to deal with a bad credit tenant loan lender

It can be more of a challenge to find a bad credit tenant loan than it does for someone with good credit. Of course, there is always more of a challenge for those with bad credit to find a loan of any kind. The key issue is knowing how to search and what kind of questions to ask during the researching phase.

Be Honest with the Tenant Loan Lenders

During the initial phase of your research for a bad credit tenant loan, you want to be honest with each of the lenders you research. Don't try to attempt to fool the lenders into thinking your credit is better than it is - if you know there are judgements and charge offs, let the lenders know up front so that they can give you a more accurate quote on an interest rate or even whether they are willing to service a tenant loan for someone with your credit history.

Honesty Reduces the Time You Spend Searching

Your honesty allows you to eliminate lenders that are not willing to service certain credit types thus allowing you to move forward to another lender that may be more willing to work with you. The key issue is to save as much time as possible by doing an abundance of preliminary investigation before you actually apply for a loan. The more research you conduct in the beginning, the quicker you will be able to locate a lender that is willing to approve a bad credit tenant loan.

Being honest also shows the lender you are aware of the circumstances that caused your credit problems and know that you cannot hide from them. If you attempt to cover up the credit issues, it makes you look dishonest because the lender is going to find out anyway when you apply for the loan and he runs a credit check. A lender is more likely to approve a loan for someone who is honest about having bad credit than someone who tries to hide it.

Search for Lenders that Advertise They Offer Bad Credit Loans

When you know you have bad credit, you want to seek out those lenders that advertise their willingness to approve a bad credit tenant loan. By choosing to research the lenders than advertise the specific credit types they are willing to service you save time for yourself and the lender. Certainly there are lenders that don't advertise their choice of credit types but if you begin there you can save time if you locate enough potential lenders.

Remember you want to begin with about ten potential lenders and narrow it down as you discover more information. The goal is to be able to eliminate at least half of your initial list by searching the information available online. The final half of your list are those on which you will conduct more detailed information, especially those that did not specify the credit types they will approve. This may mean that they don't approve those with bad credit or that they take it on an individual basis, so don't assume you are not qualified until you communicate with the lender via email or telephone.