Already on ArticleSlash?

Forgot your password? Sign Up

Bank Loans For Bad Credit

 


Visitors: 198
 1 vote

Money makes the world go round and at times we find ourselves with no money and the world is still spinning- like your head! Trying to figure out how you're going to pay the bills. Banks are the obvious place to turn but as Bob Hope said “A bank is a place that will lend you money if you can prove that you don't need it". . . . . so true.

You credit rating can be tarnished easily, even through no fault of your own, so in a difficult situation it helps to take a breath and figure out what's going on and not to make it worse.

If you are applying for a loan from a bank with bad credit and have some form of collateral like a paid off car or equity on your house then things may not be so difficult, but understand that collateral is securing the loan - so if you fail to make the payments the bank can take possession of your property.

If you get denied from one bank its not such a good idea to apply to 20 more because each time you apply for credit it is making your credit rating worse. When you apply the lender does a search on your credit which is registered by the credit reference agencies in the UK. The lender will be looking for recent searches (past 6 months), so if you apply to lots of lenders it going to show up lots of recent searches.

So if you can hold out on the personal loan stop applying, as its only making the situation worse. Payday loans do not do a credit check and lend you the money for 30 days which help get you out of the tight corner. Spending on your credit card, or using your overdraft may be an option but the high interest can get you deeper in trouble.

Before you apply for more loans with the bank a few simple steps can turn a bad credit rating into a good one

  • Find out what's wrong with your credit rating so you can start to fix it
  • Don't max out your credit cards or other forms of credit
  • Don't close paid off accounts
  • Have credit all on the same address and make sure your register on the electoral role
  • Make the payments on your credit cards and debts even if it's the minimum payment

    To learn more about different types of loans or improving your credit rating visit http://www.crunchbankloans.co.uk where you will find this and much more.

  • (449)

    Article Source:


     
    Rate this Article: 
     
    Adverse Credit Loans – Special Emphasis on Online Bad Credit Unsecured Loans
    Rated 5.0 / 5
    based on 1 vote
    ArticleSlash

    Related Articles:

    Bad Credit Bank Loans

    by: Larry Kearney (January 14, 2010) 
    (Finance/Loans)

    Loans For Bad Credit - A Financial Solution to Bank Upon

    by: Peter Maxwell (January 18, 2009) 
    (Finance/Loans)

    Easy Loans Hub: Ways In Which Same Day Loans Are Different From Regular Bank ..

    by: Andrew Edmond (March 07, 2017) 
    (Finance/Loans)

    Apply For Bank Loans - Tips on How to Apply For a Bank Loan Online

    by: N Hynes (September 30, 2008) 
    (Finance/Loans)

    Student Bank Loans Meet Financial Needs Beyond Federal Loans

    by: Adam Hefner (February 18, 2008) 
    (Finance/Loans)

    Auto Pawn Loans vs. Loans from the Bank

    by: D. Eel (August 09, 2010) 
    (Finance/Debt Relief)

    Payday loans are better than traditional bank loans

    by: Steven Francis (March 17, 2010) 
    (Finance/PayDay Loans)

    Auto Loans For No Credit Check People Easy Loans For Vehicles Without Checking ..

    by: Carney Alden (August 25, 2008) 
    (Finance/Auto Loans)

    Florida Bad Credit Refinance Loans - Home Equity Loans and HELOCs With Low ..

    by: Alexandra French (January 18, 2007) 
    (Real Estate)

    Adverse Credit Loans – Special Emphasis on Online Bad Credit Unsecured Loans

    by: Jack Watson (March 11, 2007) 
    (Finance)