Applying for a Loan

Bad credit due to past mistakes can really hinder your ability to get a loan. But for some reason, writing a letter of explanation can help. Below is a template of such a letter, which you are welcome to use free of charge.

To Whom it May Concern:

I am writing this letter to explain the late payments on my (mortgage), (numerous credit cards), (as-seen-on-TV, 3-in-one home gym/massage chair/portable DVD player) that occurred in the year (enter year).

I am very distressed that this has happened, but I was (laid off), (seriously injured by less legitimate creditors ), (bored and the TV was on the Home Shopping Network and the remote was out of batteries). These circumstances drained my (carefully put aside), (waning), (already nonexistent) savings and I was forced to miss (a), (multiple), (all) payments. A (financial advisor), (parent), (ABC Family Special), told me it might be good to (tap into my 401K), (get a job), (win the lottery), and I was able to recover from this crisis and begin (making on-time payments), (buying food again), ( showing people handfuls of cash in an attempt to make new, more wealthy, friends).

I have always prided myself in (paying on time), (my looks), (how loudly I can scream), and I have taken steps to put more money in my (savings account), (shoe box), (new cult) to guard against other (unforeseen), (foreseen), (inevitable) occurrences like this.

Sincerely,

(Your Signature), (A happy drawing of you with your loan money), (An angry drawing of what will happen to the bank employee if he doesn’t give you a loan).