A Guide to Sourcing a Personal Loan with a Bad Credit Rating

13-12-2017 | Amanda Cole |

For some people, obtaining a personal loan is relatively simple, as they have a good credit rating, which means their application is almost certainly accepted, yet for others, a far from perfect credit score makes things more complicated.

If you have a tainted credit history, and would like to apply for a personal loan, it is possible, and by discussing your needs with the right financial expert, you can often find the ideal solution.

Specialized Loan Providers

If you have spent some time browsing online, looking for a personal loan, it is likely you have encountered “bad credit history not accepted”, which is pretty much standard for most loan providers, but there are companies that specialize in helping those who do not have a perfect credit history, and you might be surprised to learn that they are able to help the majority of applicants.

Just because a person has bad credit, personal loans can still be arranged, but you need to seek out a company that specializes in this.

Case By Case Consideration

Some finance companies have a strict protocol and anything outside of that is not considered, yet there are others who are committed to finding solutions for those who have been rejected by other loan providers.

In Australia, for example, even a rejected loan application is recorded, so you can’t just apply for many loans in the hope that one provider will say yes.

Prior to making an application, a financial expert would be able to evaluate your chances of success, and if your credit rating is poor, they might recommend you wait and try to improve the score by clearing some of the outstanding debts before making the application.

Debt Consolidation

This is one way of addressing multiple repayments and it involves merging all a person’s debts into a single loan, and with only one monthly repayment, things are much easier to manage.

Whether or not you would qualify for a debt consolidation loan very much depends on your income and even if you have a bad credit rating, it can still be arranged if you deal with the right loan provider.

Making multiple payments can be a problem, especially if they happen fall on awkward dates, and consolidating the debts into one single payment is often the best solution.

Free Guidance and Advice

There are online loan providers who focus on helping those with a less than perfect credit score, and they can also advise you on the best way to address the issue.

There is absolutely nothing to lose by sharing your financial problems with an expert, and it is likely that they can help you, even though you do not have a perfect credit history.

There is always hope and if you feel the pressure from creditors knocking on your door, why not share your troubles with a financial expert? It might just be the answer you have been looking for.

If you have a tainted credit history and would like to apply for a personal loan, it is possible, and by discussing your needs with the right financial expert, you can often find the ideal solution. AAACreditGuide offers a variety of loans for bad credit which you can view here: https://aaacreditguide.com/best-personal-loans-for-bad-credit/

All it takes is an online search and very soon, you can be on your way to sourcing an affordable personal loan.

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Recent Comments

  • GCC Home Loans

    January 8, 2018 at 11:44 am

    If you have poor credit and you need a personal loan, family and friends may be the only source of credit that will have reasonable interest rates. Some family and friends may not even charge you interest at all.

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