Bad Credit? Here’s How You Can Borrow Money

If you need to get to loan but are worried that bad credit will stop you there's no need to stress, you do have options I'm going to show you what you can do to maximize the chance to get accepted even if you've had issues with credit in the past

You should check out the guide i've linked to below too, as it walks you through your options step by step so you know where to start Don't assume you've got bad credit if you've never checked There's no such thing as a credit blacklist even if you've had problems in the past Knowledge is power and the first thing you should do is to check your credit history This will help you understand how good your credit actually is and give you a chance to correct anything that's wrong, but could harm your chances of getting accepted Now even if your credit score isn't great, there are lots of tricks that you can use to improve it quickly Check out the link I've included below for simple ways to build your credit score so you maximize the chances of getting accepted

While missed payments and recent CCJs will mean it's harder and more expensive for you to get a loan, it's likely you should still be able too That doesn't mean that you necessarily should If you need to borrow to pay a bill then speak to the lender to sort out a repayment plan first The last thing you want to be doing is in a situation where you have to rob Peter to pay Paul Now if you have savings and it's definitely worth considering using them rather than borrowing and if you really need the money and can't afford whatever you're buying without borrowing they give yourself a bit of a sense check first to make sure you actually need it and couldn't get it cheaper The less you borrow the less you'll have to pay back in interest Don't go straight for a payday or high cost loan They're really expensive ways to borrow, and getting one can actually make it harder for you to get credit again in the future It's better to look at other options first you might think the best place to go first into bank but in reality they're no more or less likely to give you a loan than any other lender you'll still have to go to the same credit and affordability checks as everyone else Now instead look for lenders let you check your chance of acceptance before you apply this gives you a way of finding out whether you can get the loan without the hurting your credit history if you get rejected by one lender then don't apply with another straight away is it will do you more harm than good you You should be able to find out why your applications turned down and then can focus on making things right before you apply again If you need to borrow this bad credit you have a few options a credit card could give you access to the cash you need and depending on your credit history can actually help you borrow interest free you may even be able to transfer from your credit card to your current account than pay it back over time just like a loan

The brilliant thing is you can check which credit cards you're likely to get on moneycouk without actually applying It's the fear-free way to find out whether this is an option I've included a link to our credit card acceptance checker below now guarantor loans can give you a way to borrow if a friend or relative is willing to take joint responsibility for the loan and promised the lender they'll pay it back if you can't it can be a good option if you've got bad credit but it's really important your guarantor knows what they're getting themselves into as they could be left footing the bill if you start to struggle Now an overdraft might seem like an obvious choice but it actually can work out more expensive than a payday loan especially if you go over your limit or take ages to pay it back Now check your limit and the cost before considering this option and if you do go down this route pay it back as quickly as possible If you need to borrow a larger amount for a number of years and an unsecured loan could be worth considering You might not get the best buy rate but it can actually be more affordable than other options and you should be able to check your chance of getting accepted before you borrow too Before you check out your options you need to work out what you can actually afford to repay first, then work backwards to look at where to get the money from

Borrow as little as possible and pay it back over a short a time as possible so you don't pay a penny more on interest and you absolutely have to So that's how borrow with bad credit please like or share this video and if you've got any questions at all then comment below and I'll do my best to help