If a person has financial issues or is building credit, it can be hard to get good Loan Lending Rates in San Antonio. However, there are options available even to those with poor or no credit. Borrowers can visit the website or read on to find five ways to get a loan, regardless of credit history.
Tap Into Home Equity
The housing bust left thousands of homeowners upside down; that is, they owed more than the home was worth. However, if a homeowner has equity, he or she can get a low rate line of credit to spend as they wish. Tapping into home equity puts the property at risk if the debt isn’t repaid, but if a homeowner has a steady income and makes timely payments, it’s a good option.
Go to a Credit Union
A credit union is similar to a bank but is member-owned. Credit unions are not-for-profit organizations that offer members lower fees and better customer service. When seeking a loan through a credit union, compare loans from several to get the lowest possible rate.
Get a Loan from a Friend or Family Member
If a person can’t get low Loan Lending Rates in San Antonio, they should consider asking family members or friends for help. To avoid controversy, the borrower and the lender should draw up an agreement including interest rate, repayment terms, collateral and consequences for failure to repay.
Get a Co-Signer
If a person has no one who’s willing to lend them money, they should ask a relative or friend with good credit to co-sign on a loan. The borrower should remember, however, that the creditor will pursue the co-signer if they fail to repay the loan. Payment history will appear on both people’s credit reports, which can be damaging if the borrower doesn’t repay on time.
If none of these options work for a borrower, he or she should try to build a better credit score and qualify for a conventional loan. To start, borrowers should check their credit reports for free at annualcreditreport.com, and correct errors as soon as possible. By paying bills in a timely fashion and by getting low rates on loans and credit cards, a borrower can improve his or her credit score.