1)      Know the difference between a secured (a home, car, property) and unsecured loan (small purchases, computers, security systems)

2)      Have clarity on the terms and check the laws in your state.

3)      Get loans from a reputable company or bank. Identify what you can afford, calculate whether you have the funds to pay them back.

4)      Expect a higher interest rate as you are likely to pay higher loan fees and will be offered lower loan limits because of your credit status.

5)      If you are a student, you can still manage to get a loan. For government loans, credit scores are not important and they don’t require credit checks.

6)      You can consider borrowing from a family member or friends who can offer you a loan with lower interest rate or flexible terms as he or she trusts you.

7)      If you require loan to buy car, the loan term would be short and reduces the amount of monthly payments and you end up paying more interest in the long run.

8)      Get a secured credit card to help you rebuild your credit by allowing you to establish a consistent repayment history. You store a security deposit which represent your spending limit. As you repay the amount, you charge to the card and it becomes available again.

9)      If your application gets rejected, make a plan, create a list of lending institutes and keep your spirits up.

10)  Take help of a reputable credit counselor who can help you both financially and emotionally to have rebuild your credit. Create a repayment plan, set up a savings strategy and eliminate debt to be financially secure.

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