How to Get a Loan With Bad Credit

There are two routes to getting a loan with bad credit: by applying direct to a guarantor loans lender or by using a no upfront fee charging loanfinder. Guarantor loans are available to everyone that has a friend, family member or acquaintance who meets the basic guarantor requirements and is prepared to take on the liability for the loan. Using a loanfinder or a broker to find you a loan with bad credit is the easy route but can cost you dear.

Guarantor Loans for people with bad credit Having a bad credit score usually comes as a result of a default on a loan or some other form of credit. Usually once you have a black mark on your credit score the only way to get a loan is a secured form using something like a property as the security. Unsecured loans with bad credit used to be pretty much unheard of, up until a few years ago. Guarantor loans were created to help bridge the credit gap and help people with bad credit get loans. They manage to do this by introducing a third person into the agreement to act as security for the loan. This avoids the need to credit check the loan applicant and also keeps the cost of this loan for bad credit to a minimum, often up to 40 times cheaper than the few other options. There are currently 4 main providers of guarantor loans in the UK: FLM Loans, TFS loans, Central Trust and Blackheath Loans. If you are talking to anyone else then you are likely talking to a broker. Many of these charge fees for the right to apply to a lender so be wary and always ask if there are any fees, be especially vigilant if they ask for your credit card details. There is no reason you should ever be charged for the right to apply for a guarantor loan. If you cannot find a guarantor then there are other options for you, but again you will need to be vigilant and we recommend you start by trying a well known loanfinder.

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