It can happen to anyone of us at any time. The past few years have seen the global recession take a firm grip on the world economy and for a lot of people this has unfortunately resulted in many of us having poor credit. Whether you have late or missed payments to your creditors, have CCJ's, arrears or defaults registered against, this does not stop you needing a guaranteed bad credit loan. Therefore in this article I would like to introduce you to the steps to secure loans for poor credit.
1) Firstly obtain a copy of your credit report. You can do this FREE once every 12 months from each of the credit reporting agencies. This is as simple as contacting either Equifax, Experian or TransUnion and requesting a copy of your credit report and file.
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Once you have received your report, read through it thoroughly and get an idea of how lenders view you. Also is there anything untoward or something your don't recognise find out what it is. Millions of people have been labelled as someone with poor credit and will never be approved for a loan, simply because there is a mistake on their credit file. Make sure you are not one of them.
2) Contact your existing lenders. I'm not sure what it is, but human nature makes us ignore our lenders when we know we are in trouble and cannot afford our payments. This is the worst thing you can do. Banks and lenders are not in business to make people worse off. Their main business is to lend money and then have that money repaid with interest. I can tell you now that the majority of lenders will prefer that a borrower gives them a small payment every month, that they can afford, rather than nothing at all!
You may find it is actually extremely advantageous to speak to your current lender. They may lower the interest rates on your current forms of finance. They may choose to extend the term of your loan, once again this will lower your monthly payments or they may even provide you with a heavily discounted settlement figure. I have known of borrowers who have had their credit balances reduced by anywhere from 30%-70% if they repay their loans immediately.
3) Find an intermediary company. If you are looking for loans for poor credit, you may find it hard work. There are now various, well-established intermediary companies who are happy to do all the leg work for you. These companies will have a database of lenders who provide guaranteed bad credit loans.
Usually you will have to pay a very small one-time fee to get access to this database, however you are pretty much guaranteed to find loans for poor credit. You can expect the interest charges to be a little higher than if you were applying for a loan with a clean credit record, however, this shouldn't make too much of a difference.
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