A 2016 report released by VantageScore indicated that of the 220 million US residents who are considered scoreable, around 68 million had what would be considered bad credit. That’s 30% of people with credit scores of 601 or less. Data supplied by TransUnion indicates that the VantageScore report is accurate.
This means a significant number of people would have trouble obtaining loans to cover dental expenses. Fortunately, it is possible to work with lenders who offer bad credit dental loans and get the treatments that you need. Here are some things you should know about these loans and how you can find the one that’s right for you.
Find Out What Qualifications the Lender Requires You to Meet
One lender who offers a bad credit dental loan may have slightly different qualifications than the next one. It’s up to you to find out what’s required before you fill out an application. The most common types of information the lender will need include
- Full Name
- Physical as well as mailing address
- Email Address
- Gross Monthly Income
Additional information to confirm your identity is not uncommon. You may need to supply your Social Security number as well as one personal reference. Some lenders will also ask for the name of your employer. This is to confirm that you do have a steady source of income.
Keep in mind that income like alimony or child support do not have to be reported. Some lenders leave that decision up to the applicant while others expressly recommend that those income sources not be included.
Remember that many lenders will check your credit score. With the current average in the United States at 687, there are quite a few people who live with poor credit. Your lower score won’t figure as prominently with this type of high risk loan as it would with other financing options. More emphasis will be placed on your income and the ability to make payments on time.
Gather Your Information
Now that you know what sort of information is needed, gather it all and have it on hand. When you do find the right lender and are ready to fill out an application, you won’t have to stop and look for some piece of information that must be included. It also means you are less likely to omit something the lender wants. By being prepared, it’s likely you will get an answer about the application for your poor credit dental loan sooner rather than later.
Review The Terms and Conditions
Remember that you should review the loan terms and conditions carefully. Ideally, you want to look at them before deciding to submit an application. The goal is to make sure you can fully comply with everything the lender expects. It also helps you to be aware of any type of processing fees or other charges that may apply for the duration of the loan.
Confirm That the Lender Reports to the Major Credit Bureaus
One last question that you want answered is whether or not the lender reports to one or more of the major credit bureaus. What you want to hear is that the lender reports to at least two of them. Prompt payments on the loan will certainly help you in the effort to boost your current score.
Once you are sure the lender is someone you want to work with, submit your application. Many lenders will have an answer for you in less than 24 hours. Once you know the financing is approved, schedule your procedure and get ready to enjoy better dental health.