Thanks to a bad economy, lenders are running scared. Even though there are some signs of economic recovery, currently most lenders are not lessening any credit requirements for most personal loans. When many people defaulted on their loans last year, many lenders tightened requirements, making it harder for folks with dings on their credit to qualify for most loans – especially unsecured loans. Now, even though the economy is recovering slowly, demand for loans is low (that means that fewer people are borrowing). Despite this, lenders are not necessarily making it easier for people to secure loans. At the same time, they are not making loan requirements more demanding.
If you need a personal loan right now, you will need very good credit. The tough standards in place during last year are still in place. Over the next year or two, it is possible that credit requirements will loosen somewhat, making bad credit loans and unsecured loans easier to get. For now, if you need a loan be sure to check out our guide to weathering the credit crisis. Improve your credit as much as you can and apply for a loan. If your credit needs a lot of work and you need cash for an emergency, keep in mind that payday loans are still plentiful and easy to get. Although they may be more expensive than traditional loans, they are a good option to have in an emergency.