Would you believe that more than 50% of people have either adverse, bad or poor credit? Actually, it's not that difficult to understand when you look at the current financial climate. The housing market slump, loss of jobs and no work available, the cost of living steadily rising while we earn less. So there comes a time when you need cash right now, but because of your credit score you are unsure of what to do next. Here are some handy tips for when you need to find guaranteed bad credit loans:-
1) Obtain a copy of credit report from either Equifax, Experian or TransUnion. You can get a free copy once every 12 months. Check for any errors or discrepancies and contact the specific lenders to put these problems right.
2) Make a budget plan. Two reasons this is a good idea. It gives you an overall picture of your finances, plus a lender will view you as a far more credible borrower because of the effort you have made. List all your household income followed by all your outgoings...and i mean all! Everything that you pay out for every month should be listed, so not just all your forms of credit, but household bills, taxes, school fees, food and entertainment expenses.
3) Look through online loan websites. Usually there will be a payment calculator that you can use. Calculate how much you need to borrow and for what term. Does the monthly repayment fit within your budget? If not, you will need to borrow less money. These payment calculators will assume you have a great credit rating and will therefore use an appropriately low interest rate. If you can't afford the amount quoted on these websites, you will not be able to afford the higher charges of guaranteed bad credit loans.
4) Do your research, but whatever you do please don't start applying to all and sundry. The more times you make an application for credit and the more times you are declined, the lower your credit score will go. This is why it is essential that you do all your research thoroughly first. This may involve finding websites that offer loans for people with poor credit and also reading some of the testimonials.
5) Finally speak to your family and friends who you believe to have good credit. Yes it is possible to get guaranteed bad credit loans in your own right, but if your credit is really bad your lender may require some form of security. As you have poor credit you may not have anything to offer, so it is a good idea to see if anyone is able to co-sign the loan for you, just incase!
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