How often do you find yourself needing some extra cash? Perhaps a recent string of huge bills has caused some monetary problems. Or maybe your car has packed in and will never travel another yard again. You could even just want to go on a family holiday or consolidate some of your other outstanding debts. Whatever the reason, in this situation you would usually just approach your bank and ask for a loan. However, what do you do when you have a bad credit rating and need a loan?
I'm sure you have across many TV adverts or newspaper ads that imply they give guaranteed bad credit loans. It doesn't matter whether you have late or missed payments, arrears, defaults, CCJ's or even a bankruptcy, these companies will always give guaranteed bad credit loans.
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It isn't until you take a closer look at some of the terms offered with your loan, that it no longer seems like a good idea. I, personally, have seen cases where a company will offer guaranteed bad credit loans, but at an interest rate in excess of 500%. In other words, you would have to pay back 5 times the amount your initially borrowed each year!
I must admit it is a nightmare sometimes trying to find a loan when you have a less than perfect credit record. However, you will find that there are numerous intermediary companies out there to help you. So rather than having to do all the work yourself and receiving rejection after rejection, you can have someone else do the work for you.
Many of these intermediary companies have a large database of lenders who offer guaranteed bad credit loans and in actual fact only deal with people with adverse or poor credit. You can look through the list of lenders until you find one suitable for your needs. These lenders will offer most forms of credit to people with a poor credit rating, but simply lend money based on affordability. So rather than "blacklisting" you because of your credit score, these lenders will calculate what they believe is affordable for you and then lend you money accordingly!
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