Guaranteed Bad Credit Loan
How often do you discover yourself needing some extra funds? Maybe a new string of large payables has caused some financial issues. Or perhaps your car has packed in and will never run another yard again. You could even just want to go on a family vacation or merge a number of your other existing debts. Whatever the grounds, in this instance you would normally just call your bank and ask for a loan. But, what do you do when you have a bad credit rating and need a loan?
I'm sure you have seen many TV adverts or newspaper ads that say they offer guaranteed bad credit loans. It doesn't matter whether you have late or missed payments, arrears, defaults, CCJ's or even a bankruptcy, these companies will always give definite bad credit loans.
It isn't until you take a closer look at some of the terms provided with your loan, that it no longer looks like a good choice. I, personally, have witnessed situations where a company will provide guaranteed bad credit loans, but at an interest rate in excess of 500%. In other words, you would have to pay back 5 times the value your initially borrowed each year! I should admit it is terrifying sometimes attempting to look for a loan when you have a less than perfect credit rating.
But, you will find that there are a number of intermediary companies out there to help you. Therefore preferably than needing to do all the work yourself and receiving refusal after refusal, you can have someone else do the work for you.
A lot of these intermediary businesses have a huge list of lenders who offer guaranteed bad credit loans and in actual fact only transact with individuals with unfavourable or bad credit. You can check the list of lenders til you discover one suitable for your requirements.
These lenders will offer most forms of loans to individuals with a poor credit rating, but just lend money based on affordability. So instead of "blacklisting" you due to your credit rating, these lenders will calculate what they believe is affordable for you and then lend you money accordingly! - 23218
I'm sure you have seen many TV adverts or newspaper ads that say they offer guaranteed bad credit loans. It doesn't matter whether you have late or missed payments, arrears, defaults, CCJ's or even a bankruptcy, these companies will always give definite bad credit loans.
It isn't until you take a closer look at some of the terms provided with your loan, that it no longer looks like a good choice. I, personally, have witnessed situations where a company will provide guaranteed bad credit loans, but at an interest rate in excess of 500%. In other words, you would have to pay back 5 times the value your initially borrowed each year! I should admit it is terrifying sometimes attempting to look for a loan when you have a less than perfect credit rating.
But, you will find that there are a number of intermediary companies out there to help you. Therefore preferably than needing to do all the work yourself and receiving refusal after refusal, you can have someone else do the work for you.
A lot of these intermediary businesses have a huge list of lenders who offer guaranteed bad credit loans and in actual fact only transact with individuals with unfavourable or bad credit. You can check the list of lenders til you discover one suitable for your requirements.
These lenders will offer most forms of loans to individuals with a poor credit rating, but just lend money based on affordability. So instead of "blacklisting" you due to your credit rating, these lenders will calculate what they believe is affordable for you and then lend you money accordingly! - 23218
About the Author:
Jason Myers is a professional writer and he writes mostly about free credit reports news. He's also interested in repair bad credit guides.
posted by X - Men @ 8:12 AM
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