If you have a poor credit record, you could consider a bad credit loan. Bad credit loans are designed for when you struggle to get standard credit products.
But be aware that interest rates tend to be higher. You need to repay your debts in full and on time in order to build up and then repair your credit score.
Payday loans for bad credit. If you are struggling to get a payday loan approved from a lender because you have a poor credit score, there are other alternatives. Some lenders advertise “payday loans for bad credit” which can be useful for borrowers with a bad credit score. We work with this type of lender.
There are many different types of bad credit loan, and we are going to explain a few of them to you now.
– Unsecured personal loans – let you borrow money without needing to use an asset you own as security.
– Guarantor loans – require another person to commit to paying your loan repayments if you miss them.
– Peer to peer loans – allow you to borrow from individuals instead of a bank.
Join a Credit Union. Credit unions are a good option for borrowers with bad credit. They are like banks, but when you apply for a loan, they don’t evaluate you purely on your credit score. The trick, however, is that you have to be a member, so you have to convince them to grant you membership.
So, that was a few answers to some of the most pressing questions about bad credit loans. We hope this was an informative experience, and if you are in desperate need of a bad credit loan you will consider getting in touch with us.