Qualifying for a Computer Loan with Bad Credit

You may not qualify for a computer loan with bad credit unless you prepare you application diligently. You will always have high interest rates when you have poor credit, but a well-prepared application can reduce these rates and save you money. 

Use a Cosigner

A cosigner can lend you his or her credit in order to reduce the total fees associated with the loan. You will be more likely to qualify, but the cosigner is taking a risk to do this. The cosigner's credit may be affected or assets may be seized if you default. 

Opt for a Secured Loan

A secured loan uses collateral to ensure the lender you will not default. You can use a car or other asset as the collateral on your loan. However, you must be prepared to have the asset seized if you default on your computer loan. 

Prepare a Diligent Application

Since computer loans tend to be small, a well-prepared application may be all you need to qualify despite your bad credit. Prepare your application neatly and with attention to detail. Provide supplemental materials like statements from your employer or landlord regarding your ability to make payments. 


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