You probably already know that when you've got a less than perfect credit rating, getting a loan can be an uphill battle. No one likes to be turned down when applying for credit and it's really frustrating when it happens.
But there are options open to you without having to use PayDay lenders.
In fact, let me tell you right here, I absolutely don't advise you to use any kind of PayDay lender!
They'll charge you a sky-high rate of interest and you'll be left short when you next get paid. And that means you're more likely to go back to them for another loan.
It's a vicious cycle that drains your finances while making the PayDay loan company a lot of money.
So, what other options are open to you?
Well, because you have bad credit it does mean you're classed as a 'high risk' to any lender. And that means you're going to have to pay a higher rate of interest on your loan.
But do you know how bad your credit actually is right now?
Strangely enough, a lot of people actually think their credit rating is worse than what it actually is. This is usually because they applied for credit and got turned down. But just because you were turned down doesn't mean your credit is bad.
Each lender that you apply for a loan from has their own set criteria for accepting applications.
Right now your credit score may be 500 which is not bad and it's not great. It's kinda middle of the road.
However, if you applied for a loan from Lender A, they may decline you.
But if you applied for a loan from Lender B, they may accept you.
It's all because each lender has their own criteria when it comes to accepting or declining credit applications.
If you think that you have a bad credit score, or you're simply unsure of what your credit score is, then the first thing you should do right now is get a copy of your credit file.
There's a really easy way of doing this and you can do it online, for free.
Yes, gone are the days of having to send a cheque in the post to each credit reference agency and then waiting to get your credit report back in the post.
There are links in the description box under this video to websites that will give you free access to your credit report online.
These companies do this because they will also suggest credit cards, loans and other financial products that they feel there's a good chance you'll be accepted for.
This in itself makes it a good idea to get your credit report from them.
Each month they will send you a reminder to log in and check your credit rating and to see what loans and credit cards you're most likely to be accepted for based on your credit score.
So, before you go randomly applying for bad credit loans, do yourself a favour and check your credit file and credit score first.
Doing this can save you a lot of time, hassle and money.
Don't apply for a loan until you know what you're actual credit score is.
Use the link below to access your credit file online today. You may actually be surprised to find out that your credit score isn't as bad as you thought.
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