Banks tend to be very rigid about their lending policies, and they are even more cautious than usual at the moment. They have set ways of assessing the risk of each potential borrower and this invariably involves checking your credit rating. If you have any problems and your credit is less than perfect, they are not interested in lending you any money. This would be a major problem if banks were the only organisations you could borrow money from, but fortunately they are not.
If the banks are not lending you money we will assume that you have bad credit, so you need to find lenders who do not use your credit rating to assess whether to lend you money or not. There are several options open to you for borrowing money with bad credit, but the easiest and quickest is to use a payday loan. The only drawback with these is that they are always for small amounts and short periods of time.
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Payday loans are a type of rapid cash advance and if you apply online to a good direct lender you can normally get cash the same day. The loans usually have to be repaid in full as soon as you are next paid by your employer. For this reason, the only things a payday lender will want to check are that you are in paid employment and that you have a bank account. These loans are perfect to cover a one-off shortage caused by a big bill that you had not budgeted for, but steer clear of using them on any kind of ongoing basis. Take care to choose an established and reputable payday loan company, as there are unfortunately many operating who try to exploit people by applying incredibly high penalty charges for any late payment, making it extremely hard to ever pay the loans back.
If you need to borrow more money than you can get with a payday loan, or you want to pay it back over a longer period, then you need to look for a different type of lender. To get a bad credit loan for a substantial amount, over a reasonable time period, you need to find a lender that will look at factors other than your credit rating. They will all want some form of security instead, which leaves you two options. One possibility is lenders who will accept a personal guarantor as part of your loan application, and the other is a homeowner or mortgage loan.
By providing a guarantor for your loan, the lender is covered by having someone else with a better credit rating than you to go to if you do not keep up with payments. Provided you have someone you know who would be prepared to back you in this way, this type of lending is an extremely useful way of getting around the problem of a bad credit record.
Homeowner loans are secured against your house, so you are not able to get one unless you own your home or have a mortgage. The lender is satisfied because they know that if the worst happens and you fail to pay back the money, they can arrange for your house to be sold in order to pay them back. With such a serious possible consequence, however, you need to be very sure you can keep up with payments. Provided you are responsible about it, these loans are a good way of getting very large amounts of money for a range of uses. Sometimes such loans are used to consolidate older debts, or for major expenses such as home improvements, new items of furniture, etc.
If a bad credit rating is hindering your ability to borrow money and you are not sure why, it is probably worth checking your credit report for yourself. You can do this completely free of charge in both the UK and the US through certain credit reference agencies. All you have to do is sign up for a subscription service, get a copy of your credit report, then cancel the subscription before you have to pay anything. Many people find errors or out of date information on their reports, which can be easily corrected. It is worth checking your report, because correcting a small error can drastically improve your credit rating.
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