Forget about being embarrassed that your credit history is less than perfect. The days of feeling some shame about missing a few loan repayments is over. And that makes it easier than ever to get a bad credit loan.
Look at it this way. There was a time when it was best to keep your financial affairs to yourself. No-one else knew about any loan repayment difficulties you may have had. For the unfortunates who were known, there was shame and stigma.
But not anymore. We have moved on from this. Even people with large salaries can get into financial problems for various reasons beyond their control. And it is no longer an issue for the onlookers. In the same way, those of us on more ordinary incomes will find that missing a few repayment deadlines is not an issue for our neighbours and those we work with either. Actually, it is entirely OK to openly discuss your bad credit history with lenders and others.
And this makes it possible for you to get a bad credit loan more easily than in the past. Suddenly we find that bad credit is not an automatic disqualification for receiving a new loan.
Needs that you can now meet
Need to lift the comfort and value of your home by changing the bathroom or installing a new kitchen? You can get a loan to do that, now, even with a bad credit history. Need a new car because the old one has suddenly stopped? Your daughter wants a really elaborate wedding – the kind young women dream of? It can be hers. And so can that long holiday abroad that you and your loved one have talked about for so long.
You can successfully apply for a loan for needs like these even if you have had a few problems making some repayments of past loans and, as a result, are on record. Your loan will be known in the industry as a bad credit loan, but in many ways getting it will be more or less the same as it would for a relative or colleague who applies for a loan with a record of prompt and satisfactory past loan repayments.
Getting a loan with your history may take a little longer than this colleague. It will not be the easiest loan to acquire. But up and down the British Isles there are people like you, with a history of bad credit who are being given loans on terms then can manage. Which just goes to prove that you can get a loan irrespective of having a bad credit record.
Fees and interest rates
As you’d expect, the cost of borrowing will be a little higher than your colleague with his record of repayments. That’s to be expected. And then there are fees to factor in. These will vary among lenders (so do your homework – talk with a reputable broker) and some of them will want to load them up in the case of lending to someone with a poor repayment record. But as long as you can manage the repayments for the length of the loan term, this should not be a problem to you.
So, go ahead. Make inquiries about a loan from people who know the industry. Don’t let your record stand in the way of meeting your needs.