Is there such a thing as guaranteed bad credit loans?
It seems that in order to secure a loan, you will usually need a great credit score, lots of cash, a great job with a decent income and not much other credit! It doesn't really make a lot of sense does it? If you could fit into all the above criteria, you wouldn't really need a loan.
So what do you do if you have bad credit and need a loan?
There are numerous organizations that appear to provide guaranteed bad credit loans. I'm sure you have come across the adverts on TV or the small ads in newspapers and magazines. However, upon closer inspection you are usually greeted with extremely high interest rates, a large starting fee and additional charges throughout the term of your loan. Unfortunately these companies will merely make your financial situation much worse than it is today!
In reality no lender can 100% guarantee any form of finance and having a poor credit rating doesn't help. However, with economy in such a bad state as it has been for the last few years, more adverse credit lenders have started to appear.
These lenders will usually be part of a much larger organization who solely deal with people with poor credit or they are a legitimate company in their own right. As i mentioned the sole purpose of many of these companies is to lend to people with bad credit. They will usually look through your personal circumstances, taking into consideration how long you have been with your current employer. They will also want to know how long you have lived at your current address. In addition, your lender will wish to have a list of all your current debts and monthly repayments as well knowing if you have any excess cash at the end of the month!
From the information you provide, the lender will make a calculated decision as to how much money they can lend you and at what interest rate. When seeking guaranteed bad credit loans from these secondary lenders, once approved you can expect to have a loan in place with very reasonable terms and conditions.
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