Using Bad Credit Rating Loans to get out of debt.
A bad credit rating loan can be a huge help when you have fallen into a debt spiral. When debt turns ugly, usually all you need is a little time and assistance to get things right again. This can be found in the form of a loan. But there is a catch – when you have a bad debt problem or have had a bad debt problem you might have defaults and judgements on your credit file which can effect your credit rating, making it near impossible to get a loan.
That’s why bad credit rating loans can be your saving grace and get you out of your bad debt cycle.
What is a bad credit rating loan?
When you apply for a loan, major banks follow a certain criteria when they lend money. Usually a default or judgement on your credit file raises a red flags and shows the bank you can’t be relied upon to repay your loan. A default or a judgement can appear on your credit file for many different reasons and you might be in a better position now to repay a loan then when you were when the default appeared.
A bad credit rating loan is usually offered by non-conforming smaller lenders who are flexible with their lending criteria. They will look at other things such as your income and recent repayment history so there isn’t so much weight on your credit file.
Bad credit rating loans usually have a higher interest rate than normal loans as people with bad credit are a higher risk consumer. However, this is not always a case, particularly where you can demonstrate a good pattern of savings or debt repayments.
Applying for a bad credit rating loan
If you need a bad credit rating loan there are options available to you.
Positive Solutions Finance is a company specialising in finding positive financial solutions to people in the ‘grey area’ of finance.
Positive Solutions Finance does not lend money itself, but rather calls on a number of affiliated lenders to find the best loan for you.
Each affiliated lender is outside of the traditional sphere and focuses on lending bad credit rating loans to people who are in debt, in a debt agreement, have finished a debt agreement or are a discharged bankrupt.
More Debt Help and Information
For more help and information on dealing with your debt call Debt Rescue today. Debt Rescue can help you with all your financial problems and assist you in finding a bad credit rating loan.