Ask Away...: Struggling To Get A Loan?

Monday, April 3, 2017

Struggling To Get A Loan?

There will come the point in most people’s lives where they have to apply for a loan. Maybe you need to purchase something essential, but you don’t have enough cash in your accounts? Perhaps you’ve faced a mishap that means you need thousands of dollars during the next couple of weeks? Well, in any typical situation, you would contact your bank and explain the conundrum. However, things aren’t always so easy if you have a poor credit score and few assets. With that in mind, I’ve come up with some tips that could help you to struggle through. If you’ve been turned down for a loan recently, this information could assist you in finding a good deal. At the end of the day, sometimes you just have to think outside of the box.

Try private loan companies

If you haven’t had much luck with the bank, you’ll want to take a look at deals from private loan companies. You usually pay a higher rate of interest, but they don’t tend to perform as many background checks. That means it’s more likely that someone with a bad credit history will get the money they require. As it says at, you can make improvements to your rating. However, that can take time, and you need money fast. For that reason, you should get in touch with as many private providers as possible and explain your issues. They will then try to make an arrangement that benefits both parties. Just ensure the specialist you select has an existing company number and they act within the law. You can pay a lawyer to check their contracts if you have any concerns.

Ask a family member to guarantee the repayments

Sometimes your credit score is so bad that you can’t get a loan without help. That is especially the case if you already have lots of debts. In most situations, you just need a close friend or family member to guarantee the repayments. Obviously, that’s a risky move to make because you don’t know what might happen in the future. If you suffer financial difficulties and can’t make repayments, the guarantor will take responsibility. That means they might have to pay the debt on your behalf if you aren’t careful. A problem like that is a sure-fire way to ruin friendships and relationships. However, sometimes it’s the only solution. So, you just need to find a friend or family member who likes and trusts you enough to take that risk. If you’re about the become homeless or something similar, you’ll manage to convince someone to sign for you.

Use your car or home

If you have a expensive home or car, you can sometimes use that to get a loan. Your credit score doesn’t matter because you have an asset of value. If you fail to make repayments, the lender will just recover your property or vehicle. It’s better than asking someone to sign as a guarantor because your actions won’t affect anyone else. Still, you stand the chance of losing your home or car if something goes wrong. Also, the amount you can borrow is limited to just below the resale value of those items. Thankfully, pages like help to provide evaluations. So, it might not be the best solution if you need thousands of dollars. Even so, it’s an option you need to keep firmly on the table.

Contact a financial advisor

When all else fails, you can always get in touch with a financial expert. Some professionals dedicate their lives to assisting people in your position. You just need to identify the right specialist and get in touch. You will usually pay an hourly rate for their help, and so the process shouldn’t break the bank. People working in that industry know all the ins and outs of your options. They will perform an assessment before offering advice based on their findings. With  a bit of luck, a decent financial advisor will always help to point you in the right direction.

I hope the information on this page will make a difference to your financial worries this year. Just remember there are lots of useful articles in the finance section of my blog. So, I encourage all readers to take a look around before leaving today. You never know! You might pick up some extra tips that could help to make your life that little bit easier this year. Whatever happens, I hope you manage to sort your situation and get the money you require. It’s been lovely as always guys. See you back here next time!

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