Quick Decision Bad Credit Loans- Loans For Unemployed- Quick Decision Loans

OK, here is a topic that will affect many people over the course of time I am sure. The question is about quick decision bad credit loans, loans for unemployed, and quick decision loans. Let me begin by saying if you are currently unemployed and looking at this you will want to do A LOT of research before you apply for anything. Let me specify apply real fast here since it is something that many question. A lot of us (yes I got hit by this so please listen up). I will provide a lot of information in this hub but this is one of the most important things. When you go to any site and they have "multiple offers" or "multiple providers" who will so generously submit your information to so many so fast, you have to understand THEY ARE PERFORMING A HARD PULL ON YOUR CREDIT REPORT! If you want to get any ideas about what they are offering, do not put ANY real information on the form. If they have your address and name they can do a hard pull even without your Social Security Number and even if you explicitly say or write that you don't want them to.

Ok now that you have that bit of information lets dig into the other issues with this question. Is it impossible to get a loan with poor credit? Not necessarily, will it be easy, absolutely not. If you are unemployed this will be even harder if not impossible. Why would I write something saying that? Because I believe that if you have a false hope you will click on any site you can find that offers this, put in your personal information and after 3 pulls on your report you start losing points EVERY time someone does a hard pull on your credit report.

So lets start with bad credit loans. The ones that offer this usually require some sort of security. These are misunderstood for this reason. They really aren't "loans" they are a way of improving your credit. With a better credit score you can get a true conventional loan. The general principal is that you have a collateral of money or an object that they can come and get if you fail to pay. They are not going to help you if you are trying to get money like a regular card in most cases. Again make sure to read the fine print prior to filling out the application. Even if they know they are not going to approve it it still hurts your credit which makes it harder for your to get a loan when you do find someone who can help you.

Second brought up is loans for the unemployed. This one is even worse than the ones above. You are best off to have a couple of credit cards or getting a line of credit while you have a job so if you ever do lose your job and need to access those funds you have them available. Once you are unemployed things get harder. You have to be quick on the draw on this one. Many places will ask for your previous 2-3 paychecks, so if you want to get on this, you have to move QUICKLY! I will get into loan brokers in a moment, but if you lose your job and have no cushion you want to get in with a broker yesterday.

The final thing asked about were quick decision loans. For this please refer to my comments above. I can not emphasise enough that if you apply for these online, do not provide your true personal information to one of these groups. Use them to find out where you want to look at, but if you fill out the information correctly at first you can not imagine how many hard pulls are done on your credit report. You are allowed a certain number of these every 3-6 months. Once you go over that number your score takes drastic hits, which means that the score they saw that they approved you will no longer have. If you are close to the line this can drop you to an area that will knock you out of the running.

So what is the most important thing you can do to help this process? Simple, pull your own tri-merge credit report. You can pull your own score without doing any damage. This is called a soft pull. You can go to FreeCreditReport, Experion, TrueCreidt, or you can even look up "Free Annual Credit Report" and you can pull it one time a year for free. The others require that you sign up for a trial, but it is pretty simple, sign up, get your score, print it up and call and cancel.

Pulling your own credit report will tell you where you stand and let you talk to a mortgage broker or your banker intelligently without having any hits to your score. If you are in the 500-low 600's they will probably tell you there is no reason to apply until you can get your score up some. They may have an alternative depending on your history etc. Either way, you have to know what you have to know what you can expect to be offered.

I will be continuing this thread with ways to improve your score to have best the best shots!