Loans for bad credit

Loans for bad credit

What I am about to tell you may shock you so I hope you are sitting comfortably, if you have bad credit, have been refused credit and loans by the banks because of poor credit or are classed as simply adverse you can still get a loan in the UK. Yep, you heard right, despite having ccjs, bad credit, missed payments, missed mortgage, arrears, a dog with 3 legs you can STILL GET LOANS FOR BAD CREDIT. You see, without these loans for bad credit people would find it impossible to ever repair their credit score and therefore be unable to get unsecured personal loans for the rest of their lives. Now obviously if you have struggled to pay debts back in the past you really need to think carefully about taking on more debt before doing so, so work out your finances thoroughly before taking a bad credit unsecured personal loan.

Bad credit unsecured personal loans options

Incredibly you even have options for unsecured loans despite your bad credit. Now as with all things the option you chose needs to be the right one and don't rely on others, financial advisors, brokers or anyone else make the decision for you. Of course ask the experts but leave the final decision as your own. So what are the options?

• Guarantor Loans - usually around 40%-50% APR and require you to find a friend or family member you can trust and trusts you to act as the guarantor. If you miss payments they have to pay.
• Logbook Loans - strictly speaking not an unsecured loans as the loan is guaranteed by your car or vehicle.
• Doorstep Lenders - companies like Provident will lend you up to £500 at a rather high interest rate, and they will show up at your door which may not be something your comfortable with.

All in all guarantor loans seem the cheapest route and so long as you have good relationships with your friends and family you should be able to find a guarantor. There is help on how to find a guarantor and it really isn't as hard as you may initially believe. That said it does need some careful planning and some courage. So make sure you know all the facts about the loan in advance and can explain why you need the loan and why this is your only option to get loans for bad credit.

What about No Guarantor Loans?

It is of course obvious that some people have no guarantor for a loan and have bad credit. In this case it may we wise to look at what you have that you can secure a loan against or look to companies like Provident or even credit cards like Vanquis.