The Best Time To Apply For A Bad Credit Loan

You know that when it comes to buying things for less than what their worth

, you should wait for certain times of the year

But did you know that the same rule applies to bad credit loans?

That's right: what many consumers don't realize is that there are certain times within the year that applying for a bad credit loan can be a majorly expensive move. If you know which times you should avoid applying for that bad credit loan, you can save yourself a bundle in cash. So sit back, relax, and get ready to learn the ins and outs of when to best time your bad credit loan application!

- Don't apply for a bad credit loan after checking your credit score. Every time you check your credit score, it lowers it by a couple of points. Losing out on a couple of points might not seem like a big deal - especially if you already have bad credit - but it can mean the difference between manageable and exorbitant interest rates.

- Aim to apply for a bad credit loan after a few months of making higher-than-minimum payments. Lenders who see that you're more than capable of paying the loan back will be more amiable to giving you a better bad credit loan.

- If you can, avoid applying for a bad credit loan near the beginning or end of the month. This is typically when rent, mortgage and credit card payments are due - and the demand for a quick bad credit loan is at an all-time high. Lenders will raise their interest rates to reflect this demand, so if you think you're going to run out of money before the month is through, take action now, rather than later.

- When applying for those bad credit loans, late winter is usually a better time than spring and summer. The reason behind this seasonal trend is simple: because late winter has such a low demand for loans (no holidays to worry about, house hunting has virtually stopped, and vacation time has already been used up), lenders are more likely to give you reasonable terms in exchange for your business.

Like many financial investments, the terms of bad credit loans can be affected by something as simple as timing - so make sure that your timing is right!.

by: Phil Waterton

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