Before Getting Bad Credit Student Loans without a Cosigner

The cost of going to school can be expensive, especially when you’re looking for a student loan to cover it all. For those who aren’t able to get financial aid or help from relatives, student loans without a cosigner may be the only option. Getting an unsecured loan is difficult at this time, but there are still options available for many. The first thing you should do if you are considering looking for a student loan to help pay for tuition is to get a free copy of your credit report, and also a part time job. This will allow you to go over the things on your credit report and to show some type of income as a means to pay off the loan. Since there won’t be a cosigner on the loan you will most likely need to fix any credit errors and also put some money down.

Get a Credit Report

A free credit report will show you if you have unpaid debts. If there is no way for you to pay the debt in full, you can set up a payment plan which can help improve your credit score. If there is anything on the credit report that is inaccurate you should dispute this and have it removed. By having at least a part-time job, or better yet, a full-time job, the lender will see that you have money coming in, and you have a way to pay the loan off when it comes time to make payments. Some loans may be deferred and payment isn’t required right away, while with others payments need to be made immediately. This will allow you to put some money down on the principal of the loan, making the lender happy and possibly increasing the chance of getting approved. After these two things are in order you can start filling out the loan application for the amount of money that you wish to get approved for.


Request a Smaller Loan Amount

If you request a smaller loan amount there is a greater likelihood the loan will be approved. You should try to borrow the least amount of money possible, especially since this money will have to be paid back with interest. Student loans without a cosigner are difficult for banks and lenders to approve for a large amount of money, and you do not have decent credit it will be even harder yet. You can also try putting something up for collateral on the loan like the title to a car or recreational vehicle if the bank is willing to do a secured loan. This means you will get to keep the valuable item, however the money you borrowed will be against the value of it. This is only wise for you if you are able to pay off the loan, because if you aren’t you will end up losing this asset. Once you are approved for a loan you want to make sure you start paying it back whenever you can.

Get at Least a Part-Time Job

Even if you are only working a part time job applying as much money as possible to the item is going to save you interest over time, and help you get ahead on the loan. It isn’t always easy to get student loans without a cosigner, but there lenders out there that are still willing to take a chance. You should always compare the interest rates on the different loans that are available to you to save money. It’s also important to read all of the terms that apply to the loan so there are no surprises in the future and to avoid any confusion that may occur. You should get their credit in order and get a job, and then apply for a loan. These two things are only going to take a day to do, and from there you will increase your chances of getting student loans without a cosigner that you need to continue your education and get the better life you desire.

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