- 1). Check into the services offered by the Small Business Administration if the money you need will be used for your business. This organization is run by an independent agency that is government funded and helps borrowers find the loan that is right for them. Offered through their website are many resources for not only obtaining a loan, but for running a business, online training sources, small-business planning and more. No matter what type of income you have, the SBA can point you in the right direction for a long-term loan.
- 2). Keep your credit score as high as you can. Even if you are not making much money, a good credit score will help you secure a loan. Keep your bills paid on time, pay off old debts, keep credit card debt to a minimum and keep track of your score. You can get a free credit report from the three major credit reporting agencies once a year to make sure there are no changes or problems with your credit. Remember, numerous inquires of your score can actually lower it, so only check when necessary.
- 3). Apply for a loan using a co-signer. When you are not bringing in much of an income, a bank, car dealer or credit union will still likely loan to you if you have a co-signer who has a good income that can help back up the loan. Find a trusted family member, friend, husband or wife to co-sign on the loan you need. Just keep in mind that if you default on the loan, the responsibility and credit problems will fall on them.
- 4). Apply for a Federal Direct Stafford Loan if you are a student. These loans are based on the submission of a FAFSA, or free application for federal student aid. Depending on the needs of the student, a loan may be received in which the government may or may not pay the interest while the borrower is in school. These loans will be based on income and by the information that the FAFSA will provide.
- 5). Offer collateral for a loan. Even if you are not making much money when you need to borrow, you may still have an asset that can help you secure the loan you need. Offer your home, property, boat, business, vehicle or any other asset you may have to a bank in exchange for a long term loan in Colorado. Remember that in the event you default on the loan, the bank can seize your asset and put it up for sale in order to pay off the balance due.
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