For many of us the last year has proven to be one of the toughest ever financially. This unfortunately has lead to many people having a poor credit rating. Perhaps you have been late paying a few of your bills or you have even missed payments altogether. However, this doesn't stop you from needing some extra cash when it really counts. Luckily there seems to be a new influx of companies who can provide guaranteed bad credit loans and with an affordable payment as well. In this article i would like to answer some of the questions you may have about guaranteed bad credit loans.
1) How do i find a suitable company and apply for a bad credit loan?
There are numerous lenders from which you can obtain guaranteed bad credit loans, however, not all are created equal! There are many companies who will merely approve anyone, but you will pay for this later through outrageous charges, fees and interest. One of the easiest ways to be approved for a loan with a poor credit rating is to find an intermediary company who will do all the leg work for you.
2) How does the actual loan process work if i apply through an intermediate company?
These companies will usually have a database of lenders who only deal with people who have a poor credit rating. They will scan through their list of lenders and find the cheapest options available for you to borrow money. All the loan companies will base how much you can borrow on what they believe is affordable and via your current income and expenses.
3) Are there any restrictions as to what i can borrow the money for?
As long as you don't intend to use your loan for any illegal purposes or unlawful activity, it's fine. So if you need a new car, a holiday or merely want to pay off your credit cards, a guaranteed bad credit loan is perfect for you.
4) What if i can't prove my income?
For many of you who are self employed it can be difficult to prove your income as you don't receive regular payslips. This can cause a problem with a lot of lenders. The majority of the lenders who supply these bad credit loans can help the self-employed, but usually this will be with a secured loan. This will mean that you may have to supply some form of collateral or security.
5) What if i have arrears or defaults?
This is the exact intention of guaranteed bad credit loans. The companies provide finance to those of you who have a poor credit rating and would be declined elsewhere. These companies realise what an awful financial situation many people have fallen into recently and are there to provide you with a second chance!
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