The amount of people who have to have bad credit nowadays almost seems to outnumber those who have a good credit record. I understand the need to secure some form of finance during these difficult times and there are a number of lenders who can provide Guaranteed Bad Credit Loans. However, prior to trying to obtain a loan, you need to look at your own individual circumstances and understand why you are in your current predicament.
Adverse, bad or poor credit may come about because of a number of different reason. Perhaps you have been unfortunate and lost your job. Maybe, some unexpected medical bills or essential expenses came up. Or it may even be because you were unable to control your spending and the lure of easily obtained credit was too much of a temptation.
Whatever the reasons, it's time to put it behind you now. No doubt, the experience of having a poor credit rating has taught you a few harsh lessons. The main thing you need to do is learn from this experience.
As I previously mentioned there are numerous lender who offer Guaranteed Bad Credit Loans, but prior to approaching a lender there are a few things you need to do.
Is getting a loan your number one priority? Or are actually just looking to have more cash available at the end of every month? There is a difference! Usually when you need a loan, you are looking to purchase something new or just consolidate all your debts. If you are looking to purchase something new, is it essential that you have it or is this just another impulse buy?
Consolidating your debts is a great way to lower your monthly outgoings. Usually if you package all your credit card and loan accounts into one monthly payment, the likelihood is that you will be charged a much lower interest rate and therefore be spending a lot less money each month!
However, one thing that most people fail to do in these difficult times is actually speak to their current lenders! I'm pretty sure many of you run scared whenever the phone rings or when you receive an overdue statement in the post. This "running scared" attitude is not going to help anyone. Most lenders will realize that you are in a financial hole and will actually look to help if they can.
Did you know that a lender may be able to do either of the following for people with a bad credit rating and struggling to pay their bills:-
- Stop all interest and late pay fees, arrears charges, etc for a period of up to 12 months. Just by discussing your financial situation with your lender, they may be able to come to some kind of arrangement.
- Settle your outstanding credit for a much lower amount. If you're in arrears and are not making your payments on time, most lenders would rather come to an arrangement where they get some money back from you! Many lenders are now allowing borrowers with money worries to settle their debts with a huge percentage reduction. I personally know one credit card company that offer up to 60% off your outstanding bill if you decide to settle early!
So before you get caught up in the allure of Guaranteed Bad Credit Loans, talk to you current lenders first!
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