Poor Credit Loan – Simple Access to Cash with Bad Credit

Overview

Your credit report contains all sorts of information about your financial history, including your mortgage, credit cards and any other loans.

How you can get poor credit:

Making late payments

If you’ve made late payments to any of your creditors, your credit report will be adversely affected.

Missed credit card payments

If you skip any credit card payments you can expect this to have a bad effect on your credit report.

Bankruptcy

Once you’ve declared bankruptcy this will result in a blemish on your credit report for a number of years.

No credit history

If you’ve never had any form of credit, lenders have no way of verifying your repayment behaviour.

How to get a poor credit loan:

If you have a poor credit record gaining access to credit becomes challenging. There are ways to get a poor credit loan however.  You need to make sure that you compare various loan offers so you can find the right loan type for your unique needs.

You also need to work on improving your credit score. You could do this by making sure that you pay any outstanding debts you may have.

Seek help from a free counselling service. Once you have identified your credit problem you could reach out to debt counselling services. The debt counsellor will be able to guide you on a path for getting out of debt.

Approach micro lenders that specialise in providing individuals with poor credit loans. Keep in mind that by applying for a poor credit loan you will be charged high interest rates.

You could also opt for getting a peer to peer loan or you could use a home equity line of credit.

Getting a co-signer could also improve your chances of getting a poor credit loan.  This individual needs to be someone with a good credit record who trusts your ability to repay the debt.