Bad credit loans – a loan option on the rise
Without a doubt, since the financial crisis of 2008, ordinary citizens in many countries around the world have struggled financially, often through no fault of their own.
Now we are not trying to paint a picture here that all people suffering from poor finances or bad credit ratings have not themselves had a part to play in their predicament.
Many people are in their situation due to the fact that they are not able to control their spending habits, take out too many credit options and then sit with the situation where they simply cannot pay them back each month. And yes, many financial institutions have granted loans to people that they probably should not have but luckily countries around the world have started to put controls in place to try and stop that.
But for some people and through no fault of their own, a bad credit rating is something that they could do little to avoid. Yet, in times of need, loans are often the only way to source money quickly. Think about it, your geyser bursts, you don’t have household insurance, what are you going to do? You need a loan, yet if you suffer from a bad credit rating, there simply were not many options for you.
Well, over the past number of years, credit options have become available for people in these situations. These bad credit loans don’t care if you have county court judgments against your name, if you have a negative credit rating or even if you are blacklisted.
Bad credit loans becoming a popular form of lending
And because of this, bad credit loans are quickly becoming one of the most popular forms of lending with specialised bad credit lenders popping up in cities all over the United Kingdom. Some financial institutions have even added bad credit loans to their list of products available to the public.
Simply put, if a borrower that has a bad credit rating can show that they earn a regular monthly income and are able to meet the repayments for one of the many bad credit loan options that are available to them, a loan solution can be found.
Bad credit loan options
Bad credit loan options come in many forms but there are five that are perhaps the most popular that bad credit loan providers such as ourselves offer. These are guarantor loans, doorstep loans, homeowner loans, logbook loans, tenant loans and payday loans.
So unlike in the past, if you have a bad credit situation on your hands and you need a loan, the chances of finding a bad credit loan provider with a loan option that will suit you are extremely high. Just take note however, although your bad credit rating will not be held against you, they will still check that you earn a regular monthly income and are able to pay the loan instalments back monthly.
Note as well that bad credit loan options come with a higher interest rate attached to them than regular loans. These are different from loan to loan as well as lender to lender. Be prepared to shop around and find the best option available to you.