If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate. Only few companies provide loan with poor credit score. Today the lenders have started offering nearly all varieties of loans for people with poor credit record. They are also introducing many new loan products meant for this group.
Now people with poor credit can get the same choices as those with the good or mediocre credit. Today you can use bad credit personal loans for many purposes like car purchase, vacation or even debt consolidation.
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But if you have some assets to offer as collateral, your chances brighten. The primary reason why people with poor credit history do not get loans is because the lenders are scared that the borrowers will default again. But if you can offer collateral, your lender is secure in the knowledge that his money is in safe hands. You have to try and meet the repayment schedule, failing which you lose the asset.
Lately, I saw a thing on TV about loan groups made up of real people lending money to other people, it works by you registering with the web site and if anyone wants to led to you they will get in with you and let you know the interest rate the want to charge along with the amount that they want to lend you.
Few Options available to you,
1-Borrow from your parents etc.
2-Save up -also gives you the chance to snap one up in the sales (get up early on boxing day?) (also try and identify where you might be able to save money elsewhere -are you overspending on groceries? mobile phones? bills etc already that could help you save earlier)
3-Get one second hand from classified ads / eBay etc?
4-find somewhere that'll sell one on interest free credit. You may read more on how to get bad credit loans with no upfront fees here,
Before sanctioning the amount, the lender sees to it that the applicant has fulfilled the following eligibility criterion:
* The applicant should attain permanent UK citizenship.
* He should have finished 18 years of age.
* He should have a stable job and a regular supply of monthly income approximately of £1000.
* He should have the ability to repay.
* He should also sustain a valid bank account.
Heres the way on getting a bad credit loan with no upfront fee,
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