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Bad Credit? Here's How You Can Borrow Money

If you need to get to loan but are

worried that bad credit will stop you

there's no need to stress, you do have

options. I'm going to show you what you

can do to maximize the chance to get

accepted even if you've had issues with

credit in the past. You should check out

the guide i've linked to below too, as it

walks you through your options step by

step so you know where to start.

Don't assume you've got bad credit if

you've never checked. There's no such

thing as a credit blacklist even if

you've had problems in the past

Knowledge is power and the first thing

you should do is to check your credit

history. This will help you understand

how good your credit actually is and

give you a chance to correct anything

that's wrong, but could harm your chances

of getting accepted

Now even if your credit score isn't great, there are lots

of tricks that you can use to improve it quickly.

Check out the link I've included

below for simple ways to build your

credit score so you maximize the chances of getting accepted.

While missed payments

and recent CCJs will mean it's

harder and more expensive for you to get

a loan, it's likely you should still be able too.

That doesn't mean that you necessarily should

If you need to borrow

to pay a bill then speak to the lender

to sort out a repayment plan first

The last thing you want to be doing is in a

situation where you have to rob Peter to pay Paul

Now if you have savings and

it's definitely worth considering using

them rather than borrowing and if you

really need the money and can't afford

whatever you're buying without borrowing

they give yourself a bit of a sense check

first to make sure you actually need it

and couldn't get it cheaper

The less you borrow the less you'll have to pay back

in interest.

Don't go straight for a payday or high cost loan.

They're really expensive ways to borrow, and getting one

can actually make it harder for you to

get credit again in the future

It's better to look at other options first

you might think the best place to go

first into bank but in reality they're

no more or less likely to give you a

loan than any other lender you'll still

have to go to the same credit and

affordability checks as everyone else

Now instead look for lenders let you

check your chance of acceptance before

you apply this gives you a way of

finding out whether you can get the loan

without the hurting your credit history

if you get rejected by one lender then

don't apply with another

straight away is it will do you more

harm than good you. You should be able to

find out why your applications turned

down and then can focus on making things

right before you apply again

If you need to borrow this bad credit you have a few

options a credit card could give you

access to the cash you need and

depending on your credit history can

actually help you borrow interest free

you may even be able to transfer

from your credit card to your current

account than pay it back over time just

like a loan. The brilliant thing is you

can check which credit cards you're

likely to get on money.co.uk

without actually applying

It's the fear-free way to find out whether this is an option

I've included a link to

our credit card acceptance checker below

now guarantor loans can give you a way

to borrow if a friend or relative is

willing to take joint responsibility for

the loan and promised the lender they'll

pay it back if you can't it can be a

good option if you've got bad credit

but it's really important your guarantor

knows what they're getting themselves

into as they could be left footing the

bill if you start to struggle

Now an overdraft might seem like an obvious

choice but it actually can work out more

expensive than a payday loan especially

if you go over your limit or take ages

to pay it back. Now check your limit and

the cost before considering this option

and if you do go down this route pay it

back as quickly as possible

If you need to borrow a larger amount for a number

of years and an unsecured loan could be

worth considering. You might not get the

best buy rate but it can actually be

more affordable than other options and

you should be able to check your chance

of getting accepted before you borrow too

Before you check out your options

you need to work out what you can

actually afford to repay first, then work

backwards to look at where to get the

money from. Borrow as little as possible

and pay it back over a short a time as

possible so you don't pay a penny more

on interest and you absolutely have to

So that's how borrow with bad credit

please like or share this video and if

you've got any questions at all then

comment below and I'll do my best to help