Poor credit and need a loan?

If you have poor credit and need to get a loan you might think the only way is to go for the types of loans that will charge you the highest interest rate with really unreasonable terms. The reality is far from this and many lenders, aside of assessing your credit history, will also look to see if you fulfill other criteria before they decide to lend you any cash.

What can you do

Each lender has different criteria that a customer must meet before they part with the cash, but poor credit or bad credit doesn’t necessarily mean they will reject you. In order to apply for a loan with poor credit, the chances to get approved improve if you:

• Have a steady income and a job. Usually you need to have been employed for over 2 years which shows the lender your ability to repay money borrowed
• Even though you have poor credit history, it is important to show the lenders you are trying to repair this and that you’re on the right track. Bad credit history doesn’t change overnight but if you can demonstrate you are wise about managing your credit this will improve your chances of approval. The best way to repair your poor credit history is to pay your credit cards in full and on time. Usually a good history of repayments over 6 months will be beneficial.

Payday loans could be an answer

Many payday loan lenders will pre-approve you providing you send them a copy of your last bank statements and payslips while others will automatically lend you some money without doing a credit check.
If you have poor credit, payday loans could be your answer.

SameDayCash understands that life is busy and people don’t have time to surf the Internet when they have an immediate cash emergency.  You need to get a loan today and there’s no time for faxing paperwork or queuing at the bank.  If you need to borrow money until payday but don’t have time to deal with the usual hassle involved in obtaining a bank loan due to your poor credit history, then apply for an online payday advance with SameDayCash.

Thousands of UK shoppers have overused their credit cards during Christmas and this week their first credit card bills are landing on their doorstep. Some people will be dreading to check their bills, others will wonder how they can pay off their credit card balances.

There are many solutions to clearing your credit card debt in a way where one avoids piling up more debt through interest charge. A recent article by The Guardian shows ways on how to manage your credit card debt as well as clever ways to reduce your outstanding debt. Here is an extract:

Depending on your credit rating, you could switch your existing balance on to a 0% balance transfer credit card and pay off whatever you can within the interest- free period 

Interest free cards can be one solution to cut the amount owed to credit cards but not the only one, as the article continues:

If your balance is particularly high and you really are at your credit card limit, then it may be worth taking a loan to clear your balance.

Debt consolidation can also have far reaching benefits. Consolidating your debts in to one easy monthly repayment each month will not only lower your outgoings but also improve your credit score and it could just be the first step towards a clean credit sheet. Remember then to cut up your credit card so avoind being tempted into continuing to spend on it.