Top 4 Lending Solutions For People With A Poor Credit Rating

| November 20, 2013

Poor Credit Rating

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People who experience financial issues due to a poor credit rating can often feel demotivated and stressed about the situation they’ve found themselves in. Though some think a bad credit score comes from making bad decisions (and sometimes they’re right), in most cases the individual has ended up in this situation through no fault of their own. They might have a mortgage, a contract phone, and any number of other monthly monetary commitments, only to find the company they work for has collapsed, meaning their source of regular income has disappeared. Obviously, this can mean they’ll fall behind with bills and have their record tarnished.

Even so, there are a few things they can do to make their bad situation a little better. Let’s presume this person is you; would you know what to do if the washing machine breaks and you’ve got no money or hope of obtaining traditional credit? I though not, which is why I’ve taken the time this morning to write this short article in an attempt to reveal that all is not lost – not yet anyway.

Personal Loans

In some circumstances, your bank may still be willing to lend money even if your credit rating is poor. They will look at your request and examine your accounts thoroughly. If they can see you’ve got some money coming in regularly and can afford the repayments, there’s no reason why they won’t process your application and give you the cash straight away. However, if they turn you down, there are many different high-interest personal loan companies who will be happy to help, and a simple internet search should highlight the most reputable.

Credit Cards

Now, you’re probably not aware of this, but it’s not only well-off people who can qualify for a credit card these days, in fact, as long as you’re comfortable with the level of interest, pretty much anyone can get hold of one. By searching online, you should have no trouble locating viable credit cards for bad credit as many different lenders have identified a need for it in today’s market. Also, like anyone else who deals with this form of lending, you can actually avoid paying any interest whatsoever by transferring the balance every 12 months once the interest-free deal ceased to be available to you.

Payday Loans

You should have all seen the adverts for these on TV, and even though some people may be a little apprehensive about them, payday loans can be a real lifesaver for anyone in desperate need. Generally, all you have to do is show some proof of address and perhaps a recent wage slip for the cash to be in your bank account within 1 hour – not bad eh? Again, just watch out for the high rates of interest.

Logbook Loans

Anyone who owns a car can now lend cash against its value rather quickly without having to part with their vehicle. Companies that provide logbook loans simply assess the worth of your car and lend accordingly, meaning you probably won’t get thousands, but if you only need a few hundred pounds for food, warmth and the last few bills, this could be the solution for you.

And there you have it my financially-troubled friends. You should find at least one of those options to be open to you – so what are you waiting for?

 

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