Due to the recent credit crunch getting a loan from a bank in the US or the UK can be quite difficult particularly as a lot of people are now burdened with bad credit scores. There are still financial institutions that are prepared to give out loans and one way of securing a loan is to send a loan request letter to your bank of choice.

For the best chance of securing the loan you will need to do your homework and make sure you put together a well composed, easy to read and sensible letter that provides the bank with all the information they need to assess your request.

How to write a letter and what to include

Make sure that the letter is legible, there is nothing that will put someone off more than if they can't read your writing. If at all possible try and gain access to a computer or typewriter so that you can print or type out your letter.

Also take care with your spelling and grammar, use a spell checker if possible and read through carefully what you have written. The letter must be formal in nature and come across as business like.

The bank will require the following information: -

• Your name
• Your address
• Your telephone number
• Your profession or job
• Your age (you will need to be 18 years old for a loan in the USA and/or UK)
• Your monthly income
• Your monthly expenditures
• How much you would like to borrow (be realistic)
• What level of monthly payments you can afford (be realistic)

If you have a bad credit rating do not try and hide that fact, just explain the situation rationally, say why you have a bad credit rating and ideally what action you are taking to resolve it.

There are a lot of people with bad credit rating at the moment, so you will not be alone. If you are honest and convey the message that you are taking steps to resolve the situation with full intentions to repay your debts on time and to the terms of the loan this will carry a good argument for securing your loan.

When you send the letter to the bank it is a good idea to use registered mail and to get a receipt of delivery when it reaches the bank. That way you can be sure it has not been lost in the post and that the bank has taken delivery.