How to Get a Loan by Phone With Bad Credit

Loans are often necessary for big purchases. Finding money for a house or a car is difficult if you are in a precarious financial position. The problem is compounded when you have bad credit. Accessing a loan with a less than stellar credit rating may mean longer waiting periods, a more extensive application process and less overall financial aid. Regardless, getting a loan by phone with bad credit is possible if you go to the right source. Research all loan providers before choosing the deal that is right for you.

Instructions

1

Organize all your current financial information. Put a file together of all recent tax forms, bank account statements, income reports and credit score ratings from the past three years. Display all forms in chronological order. Keep the file handy when applying for your loan to have all necessary data at your fingertips.

2

Call your bank. Inquire with a representative to see if the institution provides bad credit personal loans. Ask about the details of unsecured bad credit loans and/or whether any form of collateral is needed to initiate the process. Share your financial history with the representative and consult about details involving the application process. Have all questions answered before applying for the loan.

3

Telephone a financial institution that provides bad credit loans, if your bank offers no such option. Tell the representative your interest in applying for a bad credit loan. Be prepared to give the representative -- among other requested information -- your social security number, primary bank information, most recent checking account statement and proof of employment. Faxing necessary copies of hard documents may be possible.