Lenders would normally be agreeing to give the lowest rate loans only to people who have a well established credit and also a good credit rating. Having no late payments in the credit record is always a big advantage for any borrower. In short, if you are a creditworthy borrower, getting the lowest rate personal loans will be a cake walk. What happens when the borrower has a horrible credit rating despite having a high income?The answer for the previous question is pretty simple. Although the borrower has a high income,a bad credit rating would clearly indicate that the person has never been a responsible borrower. Hence lenders will not be too concerned about giving the loan to you despite having a good stable income.
Getting lowest rate loans with no cosigner:
If the credit score is horrible,the only way to avoid the rejection of the loan approval is to make a creditworthy person act as a cosigner for you. But what if the borrower does not get any cosigners? In such situations, getting the loan will be an impossible task. If you have a good credit, the cosigners will not be needed at all. But other people who do not have an impressive credit history have to get the help of a cosigner. There is one way of getting the personal loan without a cosigner if you have a bad credit. You can get them through the use of a collateral. By placing an asset as a collateral, you will be able to get the loan approval hands down.
