It's becoming all too common a problem - you have bad credit and desperately need to find someone who is willing to approve a poor credit rating loan. No doubt the bills are mounting up each and every month and it's getting harder and harder to meet those demands. You know that if a lender was just willing to give you a second chance and provide a poor credit rating loan, you could pay off or consolidate some debts and improve your financial situation no end. In this article i would like to provide with the steps you should take to secure bad credit personal loans.
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1) Firstly obtain a copy of your credit report from either Equifax, Experian or TransUnion. This is a completely free service and you can order a report from each of these agencies once a year. So take advantage of this. Go through your report and see if you can spot anything untoward or that doesn't make sense and make a note of these.
2) Next make a budget. The biggest mistake that most people make is they approach a lender hoping to get approved for bad credit personal loans, but they are not completely aware of their current financial situation. This is why so many of us get declined. Your budget should include details of all your household income. Then all your expenses, and i mean all. This should include mortgage payments, loan and credit card payments, utility bills, taxes, shopping budget, entertainment budget, gas money, travelling expenses, school and childcare fees.
3) Once you have your budget together you have a better idea of exactly how much spare cash (if any) you have at the end of the month. This puts you in a far better position to bargain with a lender who is able to supply bad credit personal loans. Firstly this will show a lender that you are very serious about your finances and are now more in control. You are aware of what you can and cannot afford on a monthly basis and this makes you a far better option to approve for a poor credit rating loan.
4) Speak to close family or friends who may be in a better financial situation than you. Some lenders will supply bad credit personal loans, but may require a guarantor. A guarantor is simply someone with a decent credit rating who is willing to sign as security on a loan for you. This does not cost them anything, it simply means that if you default, then they are liable for the loan repayments. This, no doubt, will make you far more strict in ensuring you meet your loan repayments. The last thing you want is for your adverse credit history to effect someone else!
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