Many of us have made financial mistakes in the past and unfortunately this can affect your credit rating. However, despite what you may believe there are still lenders that can provide guaranteed bad credit loans. Whether you need money for a new car, repairs to your property, further education, a new business venture or even just to consolidate your debts, there are lenders out there to help you!
Your personal financial circumstances may limit what and from who you can borrow money:-
- Should you have a credit score below 580, you will find that this will severely hamper your chances of being approved for finance. However, there are lenders who will still provide guaranteed bad credit loans.
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- Checking your credit rating too often can actually lower your score. In times of financial difficulty, we would would all like to know exactly how lenders view us, but there is no real need to check your credit score any more often than annually.
- If you have county court judgements, defaults or a bankruptcy registered against you, this will also limit your chances of securing any finance. However, once again there are lenders who will take your poor credit rating into account and still issue a guaranteed bad credit loan.
What options are available to you?
In all honesty, the majority of lenders will want you to provide some form of security to borrow money. Unfortunately due to your poor credit rating, most lenders will view you as a high risk. Guaranteed bad credit loans may be issued if you put your home up as collateral. You may even be offered a secured credit card, which will mean that you can only spend whatever money you have allocated to that card.
You may be able to obtain an unsecured personal loan, but the interest rate will most probably be very high. This again is because the lender wishes to counteract the risk of lending to someone with a poor credit rating.
What factors should i take into consideration?
When you approach a lender who provides guaranteed bad credit loans, you should first determine exactly how much you can comfortably pay back each month. If you choose to borrow money via a credit card, avoid only making the minimum payment. Even a small amount above the minimum payment every month can have a great effect on your credit score. Finally only borrow an amount of money that you can pay back quickly. The sooner your debts are paid off, the closer you are to improving your poor credit rating!
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