How to Get a Loan If You Have a Poor Credit Rating

Poor credit ratings come about for many reasons. The first thing to know is that credit rating firms keep a score of every individual so just having a credit rating isn’t unusual even if you didn’t know you had one. 

It is fair to say that you won’t get a poor credit rating overnight – it tends to come about because of a track record. This is known as your credit history. You might start to score less well with your credit history because you failed to pay a loan back on time, went into your overdraft, or missed a payment. 

There are other factors, such as the amount of debt you currently have in the form of mortgages, credit cards and personal loans. Sometimes, it is because you are not easy to track down that causes a poor credit rating. People who aren’t on the electoral register or who have moved a lot tend to have lower ratings than others, for example. There are steps you can take to improve your credit score, but what if you need a loan asap?

What About Applying For Credit?

Applying for credit and being turned down can also have a negative effect on your rating. This causes something of a catch 22. You might not want to apply for a loan if there is a high likelihood you will be declined. On the other hand, without obtaining a loan and paying it back successfully, it is hard to improve your score by proving your credit-worthiness. 

What Can You Do If You Need A Loan?

The simple fact of the matter is that the only way you can obtain a loan from a reputable lender is to apply for one. This is the case whether you have a high credit score or a low one. The key is to choose a specialist lender which operates in the interests of people with poor credit ratings, like Cockle Finance. Our team of professional agents know how to match lenders to borrowers in the part of the market that some high street lenders tend to consider higher risk.

What this means is that we can help you to obtain a loan even if you’ve suffered from a poor credit history. We’ll take into account all of your sources of income and other financial circumstances as they are now. This way, you will be able to obtain a personal loan, often in the form of cash if you want it, that you can spend on whatever you like. Furthermore, while some lenders may require you to put up some collateral against your loan – especially if you have a low credit score – we can often do so with an unsecured loan that doesn’t require this level of commitment. We can also help you to obtain a no-guarantor loan, if you want. This means that you won’t need someone else as a co-signatory who will guarantee the full loan sum will be repaid should you fail to make all the repayment instalments.

Want to find out how we can help you to obtain an affordable loan even if you have been turned down by other lenders? Apply online or give us a call today.