Can I get a Personal Loan with Bad Credit?

Can I get a loan with a bad credit Score?

If you are looking for a personal loan and have a bad credit score you may think it’s impossible to get a loan. But think again, as bad credit may not be such an impediment to getting a loan after all. There are lots of reasons why people have poor credit scores, including difficulties with making loan payments in the past, and even the fact you don’t have prior credit history.

The credit payments that most impact on your credit score are mortgage payments, credit cards, loans, and bank overdraft facilities. So, people who maintain these credit lines well generally have good credit ratings.

So, can I get a loan if I have a poor credit record?

You won’t automatically be refused credit and loans if you have a bad credit score. But bad credit may mean you need to shop around a little more to find loans that offer the best interest rates. Getting the best deal means you benefit from lower interest charges so your repayments will leave you debt-free sooner.

Some of the most common bad credit loans include:

– Secured loans from pawnbrokers, as this type of credit does not rely on credit scores at all.

Bad credit payday loans, where lenders actually aim credit at individuals with a poor credit record. These loans generally need paying back over a very short timeframe.

– Line of credit lenders, who tend to offer pretty low amounts of cash for bad credit loans, but increase the available credit over a period of time if repayments are made in a satisfactory manner.

– Credit cards offering credit builder facilities may also be available to people with bad credit. They feature higher levels of interest, so they can work out to be quite expensive. However, one of the benefits of these cards is that they can help you build a better credit rating.

As specialist personal loan brokers, we’re experts at sourcing the best bad credit loans to suit individual circumstances. Get in touch to find out more about available bad credit loans with the lowest interest rates.