It is easier than you might think to get a personal loan with a bad credit history. There is a whole category of bad credit loans that are designed specifically for individuals with a history of bad credit. Moneysupermarket.com show a range of bad credit loans in a chart so that you can compare repayment rates and APR (www.moneysupermarket.com/refusedcredit/) while AllAboutLoans lets you calculate how much you can borrow and the time you will be able to repay it back in (www.allaboutloansuk.co.uk/bad-credit/). It is worth asking at your local bank if they offer bad credit loans. If you have been a long-term customer with the bank they may be open to a bit of negotiation about the rates and repayment schedule.
Anyone can apply for a bad credit loan but your application will not be processed until the lender has accessed your age and employment status. To be eligible for a bad credit loan you need to be over 18 and employed. You will have to show proof of your plans for the money and some companies may ask to see evidence of how you are planning to repay it. Make sure that you check all of the small print and look out for any hidden charges. The APR will be extremely high for a bad credit loan so it is important to consider how quickly you can repay the lender to avoid building up such a high interest for a long period of time.
While not all lenders offer bad credit loans, there are plenty that do. Companies are happy to give out bad credit loans because if individuals have a history of not paying money back and racking up more and more interest (that eventually the lender will have to get back) they know that they are more likely to get a decent profit from handing out the loan.
Anyone can apply for a bad credit loan but your application will not be processed until the lender has accessed your age and employment status. To be eligible for a bad credit loan you need to be over 18 and employed. You will have to show proof of your plans for the money and some companies may ask to see evidence of how you are planning to repay it. Make sure that you check all of the small print and look out for any hidden charges. The APR will be extremely high for a bad credit loan so it is important to consider how quickly you can repay the lender to avoid building up such a high interest for a long period of time.
While not all lenders offer bad credit loans, there are plenty that do. Companies are happy to give out bad credit loans because if individuals have a history of not paying money back and racking up more and more interest (that eventually the lender will have to get back) they know that they are more likely to get a decent profit from handing out the loan.
