If you think you have a poor credit score then you may worry that you will never be able to borrow money. This may not be the case though and there could be some options for you to try. Therefore, it is worth working through this list to see whether you can try any of the suggestions.
Check Your Credit Report
The first step you should consider is checking your credit record to see whether it is correct. Sometimes there are errors on credit reports which mean that you are looked at in a bad light when actually you should not be. If there are errors then get in touch with the relevant companies to ask them to rectify them. Also look at the report and think about what it is that makes it bad or good. Look at whether you have missed repayments, whether you have lots of loans and things like that.
Consider Ways to Improve it
If you can improve your credit report then you will be able to have a better chance of being able to borrow money. You might be able to try different things or perhaps just wait a while until you have paid off some loans. You will need to make sure that you are making all of your loan repayments on time as well. It could be a good idea to also think about whether it might be a wise idea to repay some of the outstanding loans that you have and this will enable you to be able to be more likely to be able to borrow. This because you can prove that you are capable of repaying a loan and also will less loans a lender will more confident that you will have the ability to repay any money that they lend to you.
Contact Standard Lenders
It could be the case that even if your credit report is not in brilliant shape you will still be able to borrow money. Some standard lenders will still lend money to those who are not that good. However, it is possible that they will charge more than the advertised rate because they are taking on more of a risk. It will be wise to contact them and ask about it rather than just applying. This is because if you apply for a loan and get turned down it is noted on your credit report. This puts off other potential lenders, some of whom will just reject you automatically because someone else did, without even looking and assessing things for themselves. So ask first and they will let you know whether they are likely to lend to you and some will even do a through investigation and let you know without doing a traceable credit check. If traditional banks cannot help then see if you have a local credit union as they may lend to those who do not have such a good credit record at a fairly reasonable rate.
Try no Credit Check Loans
If you cannot get anywhere with standard loans, then no credit check loans will be an option that you can take. They will not mind what your credit report looks like with regards to whether they will lend to you. However, it is important to make sure that you are aware that they do sometimes have quite different features and rules compared to standard loans so make sure that you find out all about them first. It could be a good idea to find out about the different types, see how you repay and how much they cost before you decide whether they will be right for you.