A bad credit loan can be used for any unexpected circumstances. Often this will be an emergency, and you’ll need the money quickly. If you need an urgent car repair, for instance, you won’t be able to wait until payday to pay the mechanic for their services. The likelihood is that you’ll need your car to get to work, so it’s essential to get back on the road.
At My Financial Broker, we understand that not everyone can maintain a consistently good credit rating and circumstances can arise that lead to the occasional default or missed payment. We can help you cover the cost of your emergency by looking through our panel of reputable lenders to find the best option.
If you are looking to take out a loan, there are a few questions to ask yourself before you apply, to make sure borrowing is the most appropriate solution.
Are you experiencing long-term financial issues?
Long-term financial difficulties such as unemployment should not be a reason to take out credit. Borrowing could end up costing you far more in the long run, as there isn’t a guarantee that you’ll be able to make the agreed repayments. If you have lost your job, if you haven’t already looked into your benefit entitlement, you can do so here. For advice about your finances, you can speak to your local Citizens Advice Bureau for free.
Are you able to save up instead of borrowing?
As you won’t have to pay interest this way, it would be the cheaper option. If you’re able to save the money and wait to buy something, this could be the best option.
Are you taking out credit to pay back other loans?
Borrowing to pay back other forms of credit is not a good idea, as you’ll most likely end up borrowing more and more, entering into a spiral of debt. If you wish to speak to someone about your debts, there are a number of services that can offer free impartial advice. PayPlan or Step Change should be able to help if you feel you have money problems.
Once you have made sure that short-term borrowing is the best option, you can complete our short application form. Even if you have bad credit, My Financial Broker may be able to put you in touch with a lender, so that you can borrow up to £5000 depending on your credit limit.
As a broker, not a direct lender, we’ll try our best to match you with the perfect lender. By using our completely free services, you could save yourself the time and hassle of applying through multiple lenders’ sites. You can also be certain that we only work with lenders that are authorised and regulated by the Financial Conduct Authority (FCA).
If you have a poor credit history, taking out a loan can be more difficult. My Financial Broker aims to help you apply for a loan suitable for those with a less than spotless credit file as well as better your credit rating.