Although the conditions for applying for loans are not low, and borrowers are generally required to have a good credit rating, in many cases, there are still some people who can obtain mortgage loans by some other means with low credit rating, so they need to review these mortgage loans regularly.

Generally, when a person applies for a mortgage loan, the bank or financial institution will investigate the financial status of the borrower, including their credit rating, whether they are in debt, annual income, work conditions, etc. So if your credit rating is quite bad, it is likely to accept more stringent review criteria.

One of the review criteria is the cash held by the borrower. If your credit rating is low, but you have enough cash reserves on hand, you are likely to qualify for a loan. Enough cash is enough to explain to the loan institution that even if your credit is not high, you are still able to repay the loan, so it can improve the possibility of your eligibility. For example, if you want to buy a house worth 100000 US dollars and can pay 30% of the cash, that is, 30000 US dollars, because you have already paid the cash, so the risk for the bank or financial institution has been reduced, they will think that the probability of your default is low.

Always take your credit report as the most important thing. Carefully check the credit report and consult relevant professionals to help interpret your credit report if necessary. If there is any error, please be sure to ask the company that provides the credit report to delete the error. Even a small mistake will affect your credit rating and probably cost you thousands of dollars. If it is corrected in time, it is not a problem.

If your credit is bad and you don't have enough cash reserves, you can only accept this method - higher loan interest rate. Although it is more difficult to find the loan structure now than before, there are still some who are willing to take risks to lend to people with poor credit rating for the sake of high interest rate Galaxy and loan institutions. However, the interest rate of such loans will be very high. Finally, you will find that your interest is even equal to your principal. So please consider this method carefully. However, for a person who is eager for loans, this is also the last method. But please make sure that your income can afford the high monthly payment every month, otherwise, all this is meaningless.

To sum up, you can find that it is always difficult for a person with low credit rating to apply for a loan, but this is not an impossible thing. Sufficient cash and high interest rate are two opportunities that the bank gives you. Please don't blame this requirement. After all, the bank also needs to guarantee its own interests! Please don't lose heart. When you apply for a loan and repay it on time every month, your credit rating will gradually improve, which can help you get benefits in the next loan application.

However, I think you'd better maintain a good credit rating, which is not difficult. You can improve it by making some small moves according to your credit report. Let's take action!

（Writer：Galli）