There may come a time in your life when you find you have bad credit and need a loan. Your poor credit rating may have been caused by loss of your job, mounting bills, an unexpected medical expense or even marriage problems. Whatever the reason, in this article i wish to discuss exactly what you should do if you have bad credit and need a loan.
1) The first place you should always ask will be your own bank. OK i understand that you may feel a little embarrassed or awkward to approach your own bank as it is probably an account with them on which you have adverse credit. However, as the saying goes, "if you don't ask, you don't get"!
You should remember that you have built up a relationship with your own bank. They have no doubt been there during the good times, so they should be your first port of call during the bad times. Even if they are unable to offer you a loan, they may be able to lower your monthly payments on your current lines of credit. This should give you some much needed breathing space and some extra cash in your pocket!
2) Do an internet search of lenders who provide guaranteed bad credit loans. The economy has been in an awful state for the past few years and this has been made worse by the global recession. However, one good thing to come out of this is many lenders now realise that if they ignore potential borrowers who have poor credit, they are themselves losing out on business.
If you have bad credit and need a loan, there is definitely a lender out there who can help you. You may notice that the interest charges are slightly higher than normal, but they should still be affordable. The reason for this is you will be viewed as a higher risk than someone with a completely clean credit rating, but i guess this is to be expected.
3) If you don't have the time to search the internet for guaranteed bad credit loans, you can now find an intermediary company to do all the work for you. These companies will usually require a very small one-time fee to cover administrative costs (this should still be a very low fee). They will then look through their database of lenders to find a suitable loan for you.
These intermediary companies have lenders on their books who will lend money to virtually everyone, for any purpose and at very reasonable rates. This seems to be the most popular route as you merely have to provide personal details to one company of all your income and expenses and then they will do all the hard work for to find you the cheapest guaranteed bad credit loans!
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