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What are my loan options if I’ve got bad credit? 
February 07, 2017

Every year thousands of people need money for a required payment or a necessary expense but are refused a loan because of bad credit. If you’re one of them, you may think your chances of getting money fast are over. Luckily, there are companies in the marketplace who will consider loaning cash to borrowers with a poor credit rating. Quick and easy to arrange, these short-term loans can help solve your financial worries.

Bad credit loan

As the name suggests, a bad credit loan is a financial product specifically designed for borrowers with a poor credit rating. Whether you have bad credit because you’ve failed to keep up repayments on a previous loan, have a County Court Judgement against you, or because you’ve never previously taken out a loan, this product is suitable for you.

The repayment terms of bad credit loans range from one to five years, though longer times may be possible depending on the lender you choose. The interest you pay and your repayment schedule will depend on the amount you borrow, with each lender setting their terms.

Personal loan

If you’re looking for a relatively small loan and want to pay it back quickly, a personal loan is a good option for borrowers with a poor credit history. Quick and easy to arrange, personal loans can be in your account within hours, allowing you to make necessary payments as soon as you need to. Most payday lenders will consider lending to people with bad credit, though it’s up to each lender to set their guidelines.

With a personal loan, you’ll be given a repayment schedule as soon as the loan is arranged. This will help you to pay back the money quickly without getting yourself into further debt.

Boost your credit score

Though this isn’t a short-term solution to your financial problems, working to boost your credit score will make it easier to take out loans in the future. If you use a payday loan to cover your immediate payments, paying it back quickly and efficiently will help to improve your credit rating, potentially allowing you to borrow more easily in the future.

To find out more about personal loans and financial solutions for people with poor credit, take a look around our site or get in touch with a member of our team.