There is a high chance that at one point in your life, you will be required to take a loan. Taking a loan becomes quite simple when you have a good credit score. And your credit score lets the lender know about your credit history. This ensures the lender whether you can even repay the loan or not. If you have a good credit score, then you should not have any trouble while getting the loan. However, it can become quite challenging with a low credit score. A lower credit score states that you are a person who is not good at paying his or her dues. Thereby, making lender to deviate from your loan application. There is no reason that you should not pay attention to your credit score as you might require a loan at any point in your life.
Know how to get a loan even with a low credit score:
There are lenders available who do provide the loan to people who have bad credit history. However, in such a case, you might be required to pay a higher interest rate than usual. If you get such a lender who is willing to offer you the loan, even if you have a low credit score, just don’t settle on the deal yet and check the market for more lenders as you can still get a better deal. However, having a valuable asset that you can put as a collateral can lower your interest rate.
Here’s why pledging is better to lower down your interest:
You can consider to Van pledge [รับจำนำรถตู้, which is the term in Thai]to a lender to get your interest rate down. If you have some other vehicle, you can still contact the bank to know whether they will accept it as a collateral or not. Apart from vehicles, you can also put your property, mutual funds, shares, etc. as a collateral. If you have a valuable good that you can use as a collateral, then you do not have to worry about your credit score either.