Searching for Loans for Bad Debtors Now?
Looking for loans for bad debtors can be a study in frustration, but it does not have to be.
You may be able to find a loan even with all credit types. The tides are slowly turning again when it comes to being able to find loans for bad debtors.
From about 2009 to about 2015 finding a loan if your credit was not fantastic was just about impossible.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
Of course things are not quite back to the way they were prior to the economic crunch in 2008 but if you search in the right places you can find a loan today even with bad debt.
It May Not Be As Bad as You Think
A good 45% of the time that people believe that their credit is ruined they are wrong. Credit can be salvaged very easily in many cases because it was never quite as bad as many people believe it is.
As a matter of fact studies have shown that people that were looking for loans for bad debtors rated their credit as “bad” when credit agents would rank it as “poor”.
Simply put all you can do is try. You have to follow the procedure and apply for bad debtor loans to find out if you will qualify or not.
In many cases the loan is approved, but you will never know until you try. Be sure that you answer all the questions and have your back up documentation on hand if you are asked to supply it.
Answer all of the questions honestly. One of the quickest way to get your loan application kicked out is to lie on it.
Answer the questions truthfully and if you have to explain any of your responses do so by staying honest and to the point. Be sure that you have documents that will back up your responses.
Some Places to Try
If you are tired of trying with banks and tired of hearing NO then you can always try one of the links or banners on this page. There are places that you can apply that cater to bad debtor loans.
Short term or payday loans can help you when you really need financial assistance. Just about everyone that has a steady stream of income is approved.
Try financial institutions that specialise in rebuilding credit and that offer loans for bad debtors if you absolutely have to hear “yes”.