If you have a low credit rating, it will be hard for you to obtain any type of credit, to include student loans. Many times, this lack of lenders will deter students from finishing up their education. If you have bad credit, you can still achieve your educational goals. Many lenders will be willing to work with you.
First, contact your local bank of credit union. Many times, these lenders will be more willing to work with you, since you have already established a business relationship with them. Explain your circumstances, and ask for assistance. You may have to agree to have your loan payments taken from your checking or savings account each month.
Another loan provider to contact is Sallie Mae. Sallie Mae works with all types of borrowers, and offers programs to students with bad credit or low incomes. Sallie Mae is a long-standing, reputable lender, and offers low interest rates to all borrowers, regardless of credit rating. You can visit their website to find out how to apply for a loan with Sallie Mae.
CreditLoan.com is another online lender who offers student loans to borrowers with bad credit. If you don’t mind reading through a brief lecture on their site before you fill out an application for credit, this may help you solve your problem of how to pay for school.
Paydaywizard.co.uk is also another site that loans money to borrowers with bad credit. They offer 100% guaranteed loans, with fast payout. The interest rates are a bit on the high side, but you can build your credit score by paying your payments on time. This can lead to refinancing your student loans with a company that offers better interest rates.