How to Get a Bad Credit Loan
When applicants with a low credit score may not be offered standard loans, a bad credit loan could be the perfect solution.
It is an unofficial term, which is why lenders do not advertise themselves as bad credit loan providers. However, it can provide a solution for applicants who would ordinarily be considered as higher risk candidates
How to get a bad credit loan and when it can be used
Bad credit loans are designed to support applicants with a less than perfect credit history. The first step, then, is to secure your free annual credit report to gain a clearer understanding of your current score.
Your credit score may have been harmed by defaulted payments, late payments, or CCJs. Moreover, running lots of hard searches on your account can have a negative impact. As such, it’s important to stop applying for loans that will reject you.
Working with a broker like Mortgage Quote allows you to analyze the market, work out what you are capable of repaying each month, and find a bad credit loan with a high acceptance rate. The funds can be used for any purpose that a traditional loan would cover.
Alternative options for how to get a bad credit loan
If a bad credit loan isn’t an option, it may be possible to look at other financial products. A guarantor loan is a product where a loved one will become responsible for payments should you miss them. Alternatively, a secured loan can use assets as collateral.
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