There are several online lenders offering bad credit loans nowadays. With the really stiff competition in the lending market, you have higher chances of landing a loan with the best deals. Now, what they don’t tell us is that we can negotiate with them so that the loan becomes borrower-friendly.

Negotiate for a Better Interest Rate and Payment Terms

To get a bad credit loan with good interest rate and payment terms, the lender will naturally look at your credit score and your capacity to pay. Don’t be surprised though if these lenders charge you slightly higher interest rates. Since you don’t need collateral, the interest becomes their assurance that they’ll still get value from the money you loaned. If the loan is payable in installments within a certain period of time, you can also negotiate for it so that repayment is easier for you. You can request for a more convenient date, your payday for example, to ensure that you’ll have enough money on the due date.

Negotiate for a Payment Extension

If you think you don’t have enough money by the time due date rolls in, you can also talk to your lender about it. Most lenders give grace periods, so it’s important to inform them beforehand if you will be able to pay on the agreed date. It is also important to choose a lender who openly communicates with his borrowers, so that if you find yourself in situations where immediate payment is not feasible, you can easily communicate your circumstances with him and work on a solution together.

Building good relationship with your lender is not only important in getting a loan easily, but also make future transactions better and smooth-sailing.