Ok well the first answer most likely yes. There are lenders out there prepared to provide funds to clients with a less than perfect credit history, actually some specialise in this service.
Now before we see how you might go about the process, let’s take a brief look at not only why you might want to do this but also what benefit it might have for you.
The why’s can be numerous and varied for different individuals but one of the most common is being able to pay off an consolidate a number of outstanding debts you might have in one go, then having one regular payment you have to meet to pay off the new loan.
This can save you:
That’s of course if you are wanting a loan to pay off other debts. You may of course just need funds for another purpose.
So that’s the why taken care of, now what about the benefits of doing this and then we’ll look at the all important of how to go about it.
I suppose the main benefit is that it’s very hard to improve an existing bad credit rating if you never get a chance to pay off another loan in a timely fashion. One of the major benefits of taking out a loan while you have a bad credit rating is that, once you’ve paid it off successfully and in a timely fashion it goes a long way to improving your credit rating in the eyes of future lenders.
There have even been cases of clients who have taken out personal then let the funds sit in an account accruing interest, with of course an automatic scheduled repayment plan in place. They have to add some funds to the account over the period of repayment to cover the gap in interest charges, but it does prove their ability to repay the loan!
Do this a few times and you’ll find lenders more willing to take you on and for larger amounts. This could be a potential strategy if you wanted to restore you credit rating in order to deal with a mainstream bank for a housing or business loan in the future.
Now the how of applying for a loan in this situation.
You want to make sure you:
So as you can see there’s a little bit involved in getting it right.
Now here’s the easiest part of it all and this will give you some peace of mind.
Our experienced, patient and industry best practice consultants at Rate Detective are here to make it as easy as possible for you to achieve your personal loan goal.
With one phone call or email enquiry they can get things moving for you in an efficient and professional manner.
In a short time you can have peace of mind away from the panic of burdensome debts or the ability to make a much needed purchase.
A final word of warning a high interest personal loan should be the last resort after you have explored all other alternatives.