Updated: Dec 3, 2021
How to get a loan with bad credit for you personal or your business?
In banks are people working that use a specific LANGUAGE as their primary tool to work and to communicate. People's biggest mistake when applying for a loan is to do it online because your primary weapon called "language and body language" gets lost. They judge you simply on the fact that you did not pay in the past, and you have zero chance to explain what happened. GAME OVER!
We will cover today following loan topics that will help you get your loan no matter what:
best place to get a personal loan with bad credit
how to get a personal loan with bad credit
bank loan for bad credit
how to get a loan with bad credit and cosigner
how to get a loan with bad credit UK
how to get a loan with bad credit for a house
bank loan for bad credit
high income bad credit car loan
It is astonishing how people count themselves off to get a loan just because they know they have debt. I did not pay in the past, and OK, I will apply, but I don't see any chance myself to get funds. With this mindset, they are going into the bank, and guess what? You are displaying this belief in your body language and every single word that leaves your mouth.
I said already in the very beginning how important language and body language are in the bank, so guess how your chances are now? Right, ZERO!
Before you start accusing me of planting some BS over here because you learned in the forum from other guys who applied for loans with bad credit, and they were in a much better situation than you, and they still did not get a cent, please let me tell you following: STOP THIS HORSE SHIT!
You need to talk to people like me that were running for guys like you from bank to bank to convince them that you deserve this loan no matter what happened in the past. People like ME can tell you what really works and whatnot, and if I was able to finance guys that were filling out private bankruptcy because of whatever and still received a loan, then you will be a piece of cake.
Now that this is clear, let me explain how this is possible. The very first thing you need to understand is the following.
If you make decent money, banks will ask you from alone to take a loan. Most of those people don't do it because they have their car paid, the house and don't have that big wishes anymore.
The people below those guys are the most common to apply to loans and surprise surprise, that bank knows already that most of them will pay late, pay with problems or don't pay at all after a period of 6 to 12 months. Still, they get a loan. Is the bank stupid, or what the heck is going on.
NOPE, the banks aren't stupid they simply bet against you, and it is a numbers game just like in the casino. With millions of customers over the year, they still make obscene money on you even or just because you did not pay. How that works is an entirely different topic that has a place in another video, but let's keep it simple today.
The part that you are missing while thinking THE BANK will not give me money is following. Every bank adviser and bank manager that will sit with you down in his office to talk about your personal or business loan is working exactly the same way as the guys in the insurance. The only difference is that their fixed salary in the bank is slightly higher than those in the insurance. Usually, it is around $600 to $1200 per month, and the rest of their money they make with commissions by giving loans to people and selling them the insurances to cover the loan. Yes, you read right. That is the motivation of the bank to their employees to push as hard as possible to make money for the bank.
The second part you don't know is that every branch of a bank gets monitored over the year on how many credits they give to their local clients. They simply get a budget of, let us say, 10 Million Dollars, and those MUST be given to clients for any type of loan. This may not sound much to you, but it is quite a big number with dozens of branches in one area.
After this year, the first thing that a bank looks into is how much money of this 10 Million USD was given to customers. Suppose it turns out that the bank gave only 9 Million USD to customers as a loan. In that case, this branch will be receiving a budget of 9 Million for the following year. They will get an unpleasing internal bank rating within the company. Another branch that was giving all of the 10 Million dollars they had to their customers as loans and most of them paid it back in year one will receive 1 Million dollars more on loan budget for next year, which they took off, of the bank that receives now less and so on. This is how the banks play this game internally with their own branches. I don't have to mention how much of an effect this has on the salaries of all players in a branch!
How to get a personal loan with bad credit?
Except for investment banks, all banks play this game for one simple reason. Competition within. Imagine the pressure they have in the bank, and you thought you were under pressure. They are fighting literally for their jobs day in and day out. So to ease the pain, they KNOW that most of you guys will not pay the loan back in time or not pay the loan back at all, but STILL, they have to give the money out.
While you think only those that have a house will get a loan because they can back the credit up, you are thinking totally wrong. Banks don't want houses, they want money and money you get only if you get more customers to open their day-to-day bank accounts in this branch to show the death star that the numbers are going up. Banks have thousands of houses that they took from families, and they don't have anyone buying those houses from them. So what the hell should they do with another family house??
Banks want to know what happened in the past, how you solved the problem, and what you learned from it. What is your situation now, and what is the plan to pay it back BECAUSE they need you as a damn customer to take the damn loan. The only one screwing it up is YOUUU!
The steps are required for a personal loan if you have a down payment.
So now that it is clear how a bank and its loan department are working let me show you how to get a loan with bad credit.
Whether you want cash money, a Harley-Davidson, a Lamborghini Huracan, or to pay out other debt, the bank will check you in different ways.
As an example, if you want to take a $250,000 Lamborghini Huracan brand-new from your dealer next door, they have to count in that the car will lose, let's say, 30% of its value in around 12-24 months and so even if they take the car from you because you did not pay in time, they will have a loss of the total amount in the books and not only what's open. Therefore most banks ask for a down-payment to cover the biggest risk, and then they check how to structure the monthly payments.
If the same Lamborghini is pre-owned and costs, for example, only $150,000, then the bank will see that the most significant loss of value is already made, and at least his Lamborghini Huracan will be stable on the resale market, which will make it much easier for you to finance the car.
However, suppose you have to make a down payment, and we consider you have the down payment to give. In that case, I always recommend giving it as a DEPOSIT and NOT as a down payment. Put this money on insurance with an investment fund that the bank sells and use it as your guarantor. Yes, you will have higher monthly payments, but you can stretch them for one year, but you are solving the following problems:
First, you don't need a human as guarantor anymore, and secondly, a insurance for the loan you have to sign anyway in case Darth Vader is looking for you, however, the bank employee will make a huge amount of commission with this contract, and the branch gets awarded internally for every insurance-fund tool they sell. Now you get the other side of the table motivated to get this loan done for you, and here comes the biggest secrete you were not aware of:
If the bank employee wants to grant you the loan, and he will if you do what I tell you here, he must write a POSITIVE report about you and give it to the bank manager. This guy is checking on it, and if he agrees, and he will, they both sign the contract and send it to the compliance manager in the central of their bank. The compliance manager or risk manager sees two signatures on it and will approve it.
If you apply for a loan below $40,000, you will usually need only one signature to get the loan. The reason for this is that depending on the status of the bank employee, they have a budget for each customer on which they can decide themselves without asking the bank manager to sign, and you get the loan directly.
The risk they have is that if you don't pay in time, they get a terrible internal rating and will get cut off the budget they have and receive less the following year, same as the bank branch. But if you pay at least 6-8 months in time, the employee gets rewarded, and after 10 customers, they RAISE his budget for the following year. DO YOU FINALLY UNDERSTAND THIS GAME?
Now you understand WHY it is so important to walk into a branch and have a good story because the other side of the table believes you; you will get cash money or the Lambo. I hope you also understand now why an online inquiry is stupid, and you will not get the result you are looking for.
The steps are required for a personal loan if you dont have a down payment.
If you don't have a down payment but still want the same items as we used in this example, you have to search for bank branches outside big cities. The smaller branches have not only the internal competition problem but also always need to justify WHY they should not be closed. So the bigger your debt or problems are, the farther away from the city you have to search. Usually, it took me 2-3 branches to find a bank to finance my customer his needs or to re-finance his debt, but it worked out every single time no matter how much the imperium was behind him.
Understand that no matter how often you get a loan to refinance your situation, you will need to create a side hustle to have a constant flowing money stream. Otherwise, you will find yourself very soon in the same situation.
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