Top 3 Strategies to Find a Bad Credit Loan

Are you in desperate need of a loan? However, your history of bad credit is holding you back. So where can you find a bad credit loan?

The problem is you know having some additional finance will improve your current situation no end. Perhaps you are struggling to pay the bills. Maybe once all the bills are paid, you still have creditors knocking on your door. So here are my top 3 strategies to find a bad credit loan:-

1) Approach your own bank - this is usually the last thing that you want to do. I guess you may feel embarrassed or guilty. However, you need to appreciate that your own bank knows more about your current and previous financial situation than any other lender. Although your credit rating might say No, the relationship you have built up over the years with your own bank, might just turn this into a Yes!

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2) Debt Management Company - Now many of you may view this unfavourably. By approaching a debt management company you will not actually be able to secure a loan. However, these companies are aimed at people who are struggling with their debts. They will approach all your creditors on your behalf. A debt management company will look to liaise with your creditors to stop all charges and accruing interest for a short to mid-term period of time. This in turn, will lower your monthly repayments and give you that breathing space you have been searching for. Let's face facts, the reason your were initially looking for a loan was to give you some breathing space! So in effect, you get all the benefits that you wanted from a loan, without actually having to take a loan out.

3) Intermediary Finance Company - These companies will have a register of lenders, who deal solely with people with bad credit. You may not be able to secure the same interest rate and level of monthly repayments as with a conventional lender, but you should be able to get a pretty good deal. This will help to improve your credit rating as well. By making sure that you make your monthly repayments in full and on time, this will show any future lenders that you are on the road to recovery and an honest borrower.

So being able to find a bad credit loan may not be as difficult as you thought. One of the main reasons that many people get a bad credit rating is due to a lack of communication. You are aware of how bad your financial situation is, but are afraid to speak to anyone about it. You now have a choice of 3 different people to approach, who can help you.

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