A bad credit loan is an option to consider for would-be borrowers who are struggling to find credit from other sources.
Bear in mind that people who have had County Court Judgements (CCJs)† against them or those who have been declared bankrupt† in the past are unlikely to be accepted for a loan offered through Gocompare.com.
What's a bad credit loan?
A bad credit loan isn't a 'bad' thing in its own right - it's simply a loan for people with a poor credit history.
Perhaps you've missed repayments, missed bill payments and/or made failed applications for credit.
Concentrate on meeting your repayments to avoid damaging your credit rating further and, if at all possible and your deal allows it, try to make overpayments to pay down your loan as quickly as possible.
Make a soft search for a bad credit loan
Because you're looking at less competitive rates, it's even more important to compare bad credit loans so that you can find the cheapest borrowing possible.
You should be aware, though, that the best deals will only be available to customers that the lender judges to have the best credit scores.Take extra care before turning unsecured, personal debt into a secured loan, even if the repayment figures look attractive
Also, if you have an application rejected it'll leave a mark on credit files, which could further damage the way a lender scores you.
If you use Gocompare.com's smart search loans comparison tool you'll only see the deals that you're likely to qualify for, giving you a better idea of the actual rates available to you and helping you make the right application.
Secured v unsecured debt
If you're a homeowner or you have another significant asset such as an expensive car that you can use as collateral, then making your bad credit deal a secured loan is an option.
If you already have a bad record of repayments it's especially important that you know what you're getting into before putting your home at risk.
Take extra care before turning unsecured, personal debt into a secured loan, even if the repayment figures look attractive.
Protecting an unsecured loan
If your loan is secured against your home, such a policy could help you meet essential repayments in unexpected circumstances.
Alternatives to bad credit loans
If you're searching for this sort of deal it almost goes without saying that your alternatives are limited, but there are a few avenues you may be able to explore.
Did you know...?
- Credit unions are not-for-profit institutions intended to serve their members
Speak to your bank or building society
If you have an established reputation with your current financial provider it's possible that they could offer a deal tailored to your circumstances.
This may be more appropriate and attractive than the dedicated bad credit options advertised to the wider market. If you don't speak to your current provider, you won't know.
Is there a possibility of getting or extending an overdraft on your current account to cover the amount you need? Some banks offer a 0% interest overdraft on a certain amount, or interest and fees that may work out cheaper than a bad credit loan.
Make sure that you never go over the agreed overdraft limit though, as unarranged overdraft fees can be very costly.
Credit unions are community co-operatives owned by their members that can offer a real alternative to banks for those in financial difficulty, although you'll need to be a member to qualify for a loan.
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