How can I get a loan if my credit is bad and my debt is high?
1, secured loan
When the lender's credit information is poor and the debt ratio is too high, the lender can find a person with good credit status who meets the bank loan conditions as a guarantee. Different guarantors can get different loans. If you want to be a guarantor, you need to have a good credit level, a legal and valid identity, a fixed residence or residence in the local area and a stable source of economic income.
It should be noted that if the lender loans overdue, the guarantor will also have a bad record in credit investigation. If the lender finally fails to repay or refuses to repay, then the guarantor needs to bear the repayment responsibility.
Usually, few people are willing to vouch for others. Most lenders' guarantors are their parents, children, brothers and sisters.
2. Mortgage loan
In the case of poor credit reporting, high debt ratio and no guarantor, if the lender has a relatively large and well-preserved property, it can also be used as a mortgage loan. For example, houses, cars and large insurance policies approved by banks can all be used as mortgage loans.
However, it should be noted that the interest rate of mortgage loans is usually higher than that of ordinary loans, and because of policy reasons, some commercial banks in some areas have suspended the business of housing mortgage loans on the grounds that the risks are too great and there are too many customers who do not repay the loans.
The above is the answer to the related content of "How to borrow money for bad credit reporting and high debt", and I hope it will help everyone!