4 Ways to find a Personal Finance if you have a bad Credit Rating

You need to be wary of the sub credit finance and personal loans market – high fees and interest rates can mean that a poor decision can turn out to be very costly.

To help you make the right decision we summarise here the four main types of personal loans.

A-Picture-of-a-Credit-CardLoan 1 – Specialist Credit Cards

  • Works like any other credit card
  • Limits can be fairly low – typically around £1,500
  • Conditions regarding applications, e.g.. missed payments and CCJ’s may need to be a year or more old
  • Can take a couple of weeks to be approved for the card (or not!)
  • APR’s typically 35 – 40%

These types of cards can be an excellent option if you do not need to borrow very much and if your missed payments were over a year ago.  While they are more expensive than standard credit cards, the specialist credit card is the most cost-effective option here.

Guaranteed hand written wordsLoan 2 – Using A Guarantor

  • Typically from £50 to £10,000
  • Requires a friend or family member to guarantee your loan repayments
  • Interest rates typically around 700% APR for amounts ranging from £50 to £500, and 50% APR for amounts ranging from £500 to £10,000

If you cannot get the type of card detailed above,then a guarantor loan may offer the perfect alternative, although you will require a friend or family member to back you application.

doorstep loans imageLoan 3 – Doorstep Finance

  • Unsecured short term financial options where the lender calls at your home to collect the repayments
  • Fast cash available – typically up to £100 to £500
  • Repayment periods of up to a year
  • Can have high interest rates between typically about 275% and 550% APR

Doorstep finance is another option for amounts ranging from £100 to £500. Some people are put off by the lenders agent coming to their home, but a doorstep is a cheaper option than payday borrowing, especially if the loan is required for up to a year.

payday marked on calendar pictureLoan 4 – Payday Finance

  • Unsecured short term personal borrowing options available online and high street specialists
  • Fast cash available – typically up to £50 to £500 in 24 hours
  • Short term options, designed to be taken out for only a few weeks – typically up to 4 weeks max
  • Can have very high interest rates upto 5000% APR

Payday finance has become widely used as they have been heavily advertised; whilst they offer a fast short term option, they are very expensive, and should be taken out with great care.

Personal finance made easy for all credit ratings

We are a portal to all the best lenders in the market.

One simple application will get you a range of offers.

To see how much you can afford to borrow to see our calculator.

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Helping you borrow money

  1. Poor credit rating OK

  2. Affordable rates and fees

  3. Fast application and payout

  1.   One application to multiple lenders
  2.   No broker or application fees
  3.   No early redemption fees
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Borrowing over your repayments will be approx. per month and in total. For actual figures hit Get My Loan to get a choice of free, no obligation loan offers from the best bad credit loans lenders in the UK.

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