You would think that during the current economic climate getting Guaranteed Bad Credit Loans would be impossible. In actual fact, it is not so much your bad or adverse credit that is holding you back. It is the way you approach this situation.
All lenders, banks and financial institutions are well aware that there are many people with a poor credit rating. However, before approaching a lender to discuss the possibility of a loan, you must make sure you are fully prepared. By making the correct preparations, you show any potential lender that you responsible and that you don't wish to fall into the trap of bad credit again:-
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1) First things first, get a copy of your credit report. I usually use Experian, but you can go to any of the credit reference agencies. Do you actually know why you have a black mark on your credit record? By obtaining a copy of your credit report, you will know exactly why lenders have declined you for credit in the past.
2) Any details on your credit report that appear wrong or that you don't understand, contact the lender in question. There may be things that are holding you back from borrowing that you never knew about!
3) Make a budget plan. Don't approach a lender with a specific loan amount in mind. You should be looking at how much you can actually afford to pay towards a loan each and every month. Your budget plan should include all your monthly income and every single outgoing. I mean every single one. Mortgage/rent, household bills, taxes, entertainment costs, gas for the car, school/college fees, etc. This will then tell you exactly how much disposable income you have, thus meaning that you are less likely to overstretch yourself.
4) Contact any family or friends who have a good credit rating. See if anyone would be willing to act as a guarantor or co-signer on your behalf. This gives your lender some additional security. Usually if you are looking for Guaranteed Bad Credit Loans, you will have no collateral to offer. This will make you a high risk in any lender's eyes. By providing some extra security to your lender, you are far more likely to get approved.
5) Look to contact an intermediary company that has access to specific loan companies that provide Guaranteed Bad Credit Loans. Rather than having to do a lot of the "looking around" yourself, get someone else to do it! It can be fairly soul destroying to receive rejection after rejection. If you use an intermediary company, they can look through their database of lenders, you are far more likely to have a positive response and get that loan a lot quicker!
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