I’m going to discuss what you can do to maximize the chance to get accepted even if you’ve had issues with credit in the past.So, Lets discuss, Bad Credit, How You Can Borrow Money Don’t assume you’ve got bad credit if you’ve never checked. There’s no such thing as a credit blacklist, even if you’ve had problems in the past Knowledge is power and the first thing you should do is to check your credit history. This will help you understand how good your credit actually is and give you a chance to correct anything that’s wrong, but could harm your chances of getting accepted.
Bad Credit , How You Can Borrow Money
Now, even if your credit score isn’t great, there are lots of tricks that you can use to improve it quickly. Their are simple ways to build your credit score, so you maximize the chances of getting accepted. While missed payments and recent CCJs will mean it’s harder and more expensive for you to get a loan, it’s likely you should still be able too. That doesn’t mean that you necessarily should. If you need to borrow to pay a bill then speak to the lender to sort out a repayment plan first. The last thing you want to be doing is in a situation where you have to rob Peter to pay Paul. Now, if you have savings and it’s definitely worth considering using them rather than borrowing and if you really need the money and can’t afford, whatever you’re buying without borrowing. They give yourself a bit of a sense. Check first to make sure, you actually need it and couldn’t get it cheaper. The less you borrow, the less you’ll have to pay back in interest.
Don’t go straight for a payday or high cost loan. They’re really expensive ways to borrow, and getting one can actually make it harder for you to get credit again in the future. It’s better to look at other options ,first you might think the best place to go first into bank but in reality. They’re no more or less likely to give you a loan than any other lender. You’ll still have to go to the same credit and affordability checks as everyone else. Now, instead look for lenders, let you check your chance of acceptance before you apply this gives you a way of finding out whether you can get the loan without the hurting your credit history. If you get rejected by one lender, then don’t apply with another. The straight away is, it will do you more harm than good you.
You should be able to find out why your applications turned down and then can focus on making things right before you apply again. If you need to borrow this bad credit, you have a few options a credit card could give you access to the cash you need and depending on your credit history can actually help you borrow interest free. You may even be able to transfer from your credit card to your current account than pay it back over time just like a loan. The brilliant thing is you can check which credit cards you’re likely to get on without actually applying. It’s the fear-free way to find out whether this is an option. Now, guarantor loans can give you a way to borrow if a friend or relative is willing to take joint responsibility for the loan and promised the lender. They’ll pay it back, if you can’t it can be a good option, if you’ve got bad credit. It’s really important your guarantor knows what they’re getting themselves into as they could be left footing the bill, if you start to struggle. Now, an overdraft might seem like an obvious choice, but it actually can work out more expensive than a payday loan especially if you go over your limit or take ages to pay it back.
Now check your limit and the cost before considering this option. If you do go down this route pay it back as quickly as possible. If you need to borrow a larger amount for a number of years and an unsecured loan could be worth considering. You might not get the best buy rate, but it can actually be more affordable than other options and you should be able to check your chance of getting accepted before you borrow too. Before you check out your options, you need to work out what you can actually afford to repay. First, then work backwards to look at where to get the money from. Borrow as little as possible and pay it back over a short a time as possible. So, you don’t pay a penny more on interest and you absolutely have to. So, that’s how borrow with bad credit.