How to get a loan with bad credit
The answer to this question depends on a number of factors including:
- Your credit rating - your credit score will be used by a lender in determining whether they are willing to lend to you. You can see your credit score by getting access to your Credit Report
- Your income - Many lenders will require a minimum income
- Residency status - Lenders will often require you to be resident in the UK for a set period
- Age - Many lenders require you to be over a set age e.g. 18, 21
- Employment status
- Are you a homeowner
- Marital status can have a bearing
There are specialist companies out there who offer loans to people with bad credit but it is important to take some aspects into consideration first, such as:
The fact that interest rates may be higher than on most loans as the risk is greater to the lender. What do you consider an acceptable level of interest to pay.
Whether or not you can actually afford to meet the repayments - affordability is a key question that you need to ask yourself.