Bad credit Loans are available in case you have applied for a loan through the institution you may bank with, and you have been declined for reasons which may include a bad debt, or a bad credit history, bought about by a debt you may have had difficulty repaying sometime in the past. As unfortunate as this may be the case, there are still opportunities to borrow money, because there are also other lenders that offer bad credit loans, and will look into your details and credit history, and find out a little bit more at what has happened to you.
How did you get into this situation?
There are a number of circumstances that could have happened. Perhaps, even a loan repayment that you might have missed could be the reason you might have been declined. One idea to find out the casue, is to see if you can obtain a copy of your own credit report. This is a history about you when you have borrowed money. The Government website MoneySmart, has listed agencies that you can approach where you can obtain a copy of your credit history. By doing this, you can start understanding your situation a little bit better, and then plan on how you will look at borrowing money in the future.
Does this mean you cannot borrow money in the future? Are Bad Credit Loans my only options?
Now that you are fully armed with the information, you can also identify solutions to this situation. Be up front with yourself, and if you feel you would like to approach your main financial situation, try to make an appointment with the respective manager, and explain your credit history with them. Financial lenders can be flexible with their approach, and could even surprise you.
As an option, always keep in mind that alternative lenders can offer you another solution. Bad credit loans companies doesn’t mean you are a bad risk, and will review your credit history as well as the risk of lending to you today. Lenders like Discovery Credit have options to lend you money, and you would have to research their website, to see if they are a suitable lender for you now, and in the future.
Because I am on a low income, or a Government pension, can I still borrow money?
That is up to the lender and how you approach them. If you are on Centrelink benefits, and can prove you can meet the repayments, then you need to discuss this with the potential lender. Bad Credit Loans don’t mean you will be declined immediately. Once again, be up front with the potential lender and you may be surprised at the outcome.