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Summary: The best way to get a personal loan with bad credit is to have someone with good credit act as a cosigner. Learn about the added responsibility of having a cosigner for a personal loan with information from a registered financial consultant in this free video on money management.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
"This is financial adviser Patrick Munro, talking about how to get a personal loan, with bad credit. Many times individuals do run up against credit scrapes in their life, and it has resulted in them having a lower FICO score, than a bank would allow, to achieve a loan, a successful loan on their own. The way to get a personal loan with bad credit, that is most effective, is to have someone come with you to the bank that has good credit, and they would co-sign on your behalf, thereby guaranteeing that repayment of the loan, while you of course, are the one in fact, making the payments. This is a responsibility that is significant upon you, because you are not only making a payment promise to the bank, but also to the co-signer, that comes in, many times as a friend or family member, so you must make those payments in a timely fashion, and eventually if the bank sees you making that forthright effort to do that, they will drop the co-signer from the loan, therefore, you've reestablished your credit. This is Patrick Munro, talking about how to establish a personal loan, with bad credit."
eHow Article: How to Get a Personal Loan With Bad Credit
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.