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Bad Credit? Here's How You Can Borrow Money - YouTube
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If you need to get to loan but are
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worried that bad credit will stop you
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there's no need to stress, you do have
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options. I'm going to show you what you
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can do to maximize the chance to get
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accepted even if you've had issues with
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credit in the past. You should check out
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the guide i've linked to below too, as it
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walks you through your options step by
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step so you know where to start.
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Don't assume you've got bad credit if
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you've never checked. There's no such
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thing as a credit blacklist even if
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you've had problems in the past
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Knowledge is power and the first thing
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you should do is to check your credit
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history. This will help you understand
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how good your credit actually is and
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give you a chance to correct anything
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that's wrong, but could harm your chances
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of getting accepted
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Now even if your credit score isn't great, there are lots
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of tricks that you can use to improve it quickly.
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Check out the link I've included
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below for simple ways to build your
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credit score so you maximize the chances of getting accepted.
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While missed payments
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and recent CCJs will mean it's
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harder and more expensive for you to get
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a loan, it's likely you should still be able too.
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That doesn't mean that you necessarily should
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If you need to borrow
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to pay a bill then speak to the lender
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to sort out a repayment plan first
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The last thing you want to be doing is in a
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situation where you have to rob Peter to pay Paul
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Now if you have savings and
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it's definitely worth considering using
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them rather than borrowing and if you
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really need the money and can't afford
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whatever you're buying without borrowing
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they give yourself a bit of a sense check
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first to make sure you actually need it
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and couldn't get it cheaper
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The less you borrow the less you'll have to pay back
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in interest.
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Don't go straight for a payday or high cost loan.
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They're really expensive ways to borrow, and getting one
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can actually make it harder for you to
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get credit again in the future
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It's better to look at other options first
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you might think the best place to go
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first into bank but in reality they're
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no more or less likely to give you a
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loan than any other lender you'll still
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have to go to the same credit and
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affordability checks as everyone else
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Now instead look for lenders let you
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check your chance of acceptance before
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you apply this gives you a way of
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finding out whether you can get the loan
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without the hurting your credit history
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if you get rejected by one lender then
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don't apply with another
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straight away is it will do you more
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harm than good you. You should be able to
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find out why your applications turned
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down and then can focus on making things
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right before you apply again
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If you need to borrow this bad credit you have a few
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options a credit card could give you
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access to the cash you need and
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depending on your credit history can
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actually help you borrow interest free
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you may even be able to transfer
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from your credit card to your current
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account than pay it back over time just
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like a loan. The brilliant thing is you
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can check which credit cards you're
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likely to get on money.co.uk
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without actually applying
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It's the fear-free way to find out whether this is an option
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I've included a link to
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our credit card acceptance checker below
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now guarantor loans can give you a way
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to borrow if a friend or relative is
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willing to take joint responsibility for
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the loan and promised the lender they'll
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pay it back if you can't it can be a
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good option if you've got bad credit
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but it's really important your guarantor
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knows what they're getting themselves
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into as they could be left footing the
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bill if you start to struggle
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Now an overdraft might seem like an obvious
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choice but it actually can work out more
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expensive than a payday loan especially
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if you go over your limit or take ages
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to pay it back. Now check your limit and
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the cost before considering this option
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and if you do go down this route pay it
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back as quickly as possible
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If you need to borrow a larger amount for a number
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of years and an unsecured loan could be
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worth considering. You might not get the
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best buy rate but it can actually be
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more affordable than other options and
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you should be able to check your chance
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of getting accepted before you borrow too
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Before you check out your options
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you need to work out what you can
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actually afford to repay first, then work
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backwards to look at where to get the
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money from. Borrow as little as possible
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and pay it back over a short a time as
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possible so you don't pay a penny more
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on interest and you absolutely have to
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So that's how borrow with bad credit
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please like or share this video and if
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you've got any questions at all then
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comment below and I'll do my best to help
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