You may be surprised to know that at least 50% of the population has some form of poor or adverse credit. This may have been due to late payments, missed payments, longer term arrears, defaults, CCJ's or even bankruptcy. However, having a poor credit rating doesn't stop life from carrying on. So what do you do if you have bad credit and desperately need a loan?
Every bank you approach greets you with a firm no. You try your luck at credit unions and any other financial institution you can think of, but are always greeted with the same negative response. Due to the sudden economic decline of the past few years and the fact that approximately half of all people have poor credit, there are now a new wave of companies who provide guaranteed bad credit loans.
Usually to obtain a loan, you need a good credit score, a regular income and your financial affairs should be in good order. With the institutions who give guaranteed bad credit loans, rather than approving or declining by your credit rating, they prefer to lend based on affordability.
Basically these companies are willing to offer you a second chance, where no-one else would. If you can prove that you can adequately make the repayments on any loan and you have a steady income, you should receive a positive response. You may occasionally find that your lender is not willing to give you the full amount you require. Usually after checking through your income and expenditure records, they will recommend a monthly payment that they believe is affordable to you.
Once you have secured your guaranteed bad credit loan, you can begin the process of rebuilding your credit rating and how lenders view you. Should you decide to consolidate previous debts, you should find your payments lower and you only ever need to pay one lender. Also by ensuring that you always make your payments on time you will dramatically improve your credit score as well.
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