How often do you discover yourself needing some extra money? Maybe a new string of huge payables has caused some financial issues. Or perhaps your automobile has packed in and will not run another yard again. You could even just want to take on a family holiday or merge a number of your other existing debts. Whatever the grounds, in this situation you would usually just call your bank and ask for a loan. But, what do you do if you have a bad credit rating and need a loan?
I'm positive that you have seen a lot of TV ads or newspaper ads that imply they provide guaranteed bad credit loans. It doesn't concern whether you have late or missed payments, arrears, defaults, CCJ's or even a bankruptcy, these companies will always provide guaranteed bad credit loans.
It isn't until you give a closer look at some of the terms offered with your loan, that it no longer looks like a good idea. I, personally, have witnessed situations where a company will provide guaranteed bad credit loans, but at an interest charge in excess of 500%. In other words, you would need to settle 5 times the value your initially borrowed each year! I must confess it is a nightmare sometimes trying to find a loan when you have a less than perfect credit record.
However, you will discover that there are numerous intermediary companies out there to assist you. So preferably than having to do all the work yourself and receiving refusal after rejection, you can have someone else do the work for you.
Many of these intermediary companies have a large list of lenders who offer guaranteed bad credit loans and in actual fact only transact with individuals with unfavourable or bad credit. You can look through the list of lenders until you find one which meets for your requirements.
These lenders will offer most forms of credit to people with a poor credit score, but just lend money based on affordability. So rather than "blacklisting" you due to your credit score, these lenders will calculate what they determine is payable for you and then lend you money accordingly! - 23309
I'm positive that you have seen a lot of TV ads or newspaper ads that imply they provide guaranteed bad credit loans. It doesn't concern whether you have late or missed payments, arrears, defaults, CCJ's or even a bankruptcy, these companies will always provide guaranteed bad credit loans.
It isn't until you give a closer look at some of the terms offered with your loan, that it no longer looks like a good idea. I, personally, have witnessed situations where a company will provide guaranteed bad credit loans, but at an interest charge in excess of 500%. In other words, you would need to settle 5 times the value your initially borrowed each year! I must confess it is a nightmare sometimes trying to find a loan when you have a less than perfect credit record.
However, you will discover that there are numerous intermediary companies out there to assist you. So preferably than having to do all the work yourself and receiving refusal after rejection, you can have someone else do the work for you.
Many of these intermediary companies have a large list of lenders who offer guaranteed bad credit loans and in actual fact only transact with individuals with unfavourable or bad credit. You can look through the list of lenders until you find one which meets for your requirements.
These lenders will offer most forms of credit to people with a poor credit score, but just lend money based on affordability. So rather than "blacklisting" you due to your credit score, these lenders will calculate what they determine is payable for you and then lend you money accordingly! - 23309
About the Author:
Jason Myers is a professional writer and he writes mostly about free credit reports news. He's also interested in repair bad credit guides.
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