No matter how bad you believe your current financial situation to be, there is always help at hand. It doesn't matter what your credit rating is like, there will come a time in most people's lives when you they no money, but desperately need to find some. Sure if you have good credit you just visit your local bank and apply for a loan. Within a few days or even less a nice fat lump sum of money has been deposited into your account. However, if you have poor credit, unfortunately the process is not nearly as simple! Having said that there are companies who will provide guaranteed bad credit loans.
1) Although you will find that the majority of lenders will immediately decline you for having a poor credit rating, there will be some who will be interested in helping you. However, never be tempted to accept the first offer you get. I understand the frustration of receiving constant refusals, but a loan is a binding financial agreement.
Always read the small print and make sure you understand exactly what you are getting into. Some companies who provide guaranteed bad credit loans may have some rather unfavorable terms and conditions. You can expect to be paying more for a loan in terms of fees and interest than when you had a good credit rating, but it shouldn't be a lot higher. Often bad credit loans have some ridiculous fees and charges that will only ever put you in a worse situation than when you started.
2) Are you able to provide any security or collateral? Often if you are able to provide a small cash deposit, you are more likely to be approved for a loan. You may own property which means that you could use this as security against your loan. You may even have a friend or relative who is willing to stand as a guarantor for you. All of these things will vastly improve your chances of securing a guaranteed bad credit loan.
However with the possibility of being approved for a loan, there is also a downside. If you have provided a deposit or your home as security and you fail to meet the loan payments, you risk losing these. A guarantor is there as security for your lender. They will meet YOUR loan repayments if you are unable to. How long can you expect someone else to pay for your loan? What will this do to your relationship?
3) Most importantly, yes you will find companies that provide guaranteed bad credit loans. These companies will happily lend you money, sometimes more than you expect. However, never be tempted to borrow more money than you need or more than you know you can afford to pay back.
The reason you have a poor credit rating may or may not be your fault, but in the majority of cases it is down to making a few bad decisions about our finances and over-extending ourselves. i.e. borrowing more than we can afford! So if you have made this mistake once before, whatever you do, don't make the same mistake again.