There comes a time in everyone's life when their credit rating may not be as squeaky clean as they would like. Perhaps a few late payments to certain loan or mortgage agreements. Maybe the bills have been mounting up for a period of time and you have been struggling to make ends meet. Whatever the reason, I'm sure you're fully aware of the drastic effects this can have on your credit score and rating and your ability to borrow money. This article will lay out the 5 steps you should follow if you are in desperate need of a guaranteed bad credit loan.
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1) You should always firstly obtain a copy of your credit report. You are able to order a FREE copy once every 12 months from either Experian, Equifax or TransUnion. There are also numerous online agencies that can provide your report to you. However, be wary as many of these companies will send you your report for free, however they may charge you at a later date as they try and enroll you onto a credit report monitoring service. However, you should have a free 7-14 day trial to try their service, within which time you will have received your credit report. Simply cancel the service straight afterwards.
2) Once you have a copy of your report, you should study it thoroughly. If you are not sure what you should be looking for, visit your local bank and see if someone can explain the ins and outs to you. Banks and lenders are not adverse to making mistakes. Perhaps there is something on your report that shouldn't be there and this is holding you back from borrowing money.
3) Next contact your current lenders and see if you can come to some kind of mutually beneficial arrangement. So many people search for guaranteed bad credit loans at the first sign of financial difficulty. However, borrowing more money may not be the best alternative. If your current lenders are willing to lower your interest charges or monthly payments for a set period of time, this could be the perfect breathing space that you need.
4) If you are not having much luck with your existing lenders, then it's time to find a lender than can provide guaranteed bad credit loans. There are numerous lenders that are willing to give loans to people with bad credit, however always make sure you know exactly what your getting into. Many lenders will charge the most ridiculous interest charges and fees just so you can secure some finance. This will do you no good in the long run and is more likely to make your situation much worse.
5) Should your situation be that bad that no lender is wiling to loan you money, your final alternative is to approach an intermediary finance company. Many of these companies will have a database of lenders who provide guaranteed bad credit loans no matter how bad your credit rating may be. You will usually have to pay a small one-time fee for access to the database. However, this will make your search so much easier. Not only do these intermediary companies provide a list of lenders to cover pretty much any circumstances, they provide an invaluable support service as well.
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