I desperately need a loan but I have bad credit, what can I do?

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Here at Bamboo, we hear things like I desperately need a loan but I have bad credit a lot. Having a bad credit rating is something that scares most people – they think that it stops them from borrowing money at all.

Years ago, when banks and high-street lenders were the only places to borrow money, a bad credit rating was seen as a bit of a problem for borrowers. They were seen as a risk to lenders and it was difficult to find somebody willing to lend them money.

But not anymore.

Now, there are lots of options for people with bad credit – or even very bad credit – to borrow money on agreeable terms from a reputable lender. You just have to know where to look.

I desperately need a loan but I have bad credit: your options

 

 A payday loan:

We’ve spoken before about payday loans and how they can be very dangerous and risky financial decisions. However, for very specific needs, a pay day loan might be the best option.

For example, if you need a small loan to see you through until payday as a one-off, then pay day loans might be your best bet. However, it’s still wise to tread carefully, there are lots of pitfalls that are easy to miss when taking out a payday loan (the interest rate, for example) so make sure you’re clued up before you apply.

borrow-if-affordable

Peer-to-peer lending:

We’ve mentioned peer-to-peer lending (often called P2P lending) a few times before, and that’s because it’s becoming an increasingly popular way to borrow money.

In a nutshell, P2P lending lets you get a loan from strangers online, a bit like getting a loan from a friend. You borrow from individuals that are willing to lend you the money you need and who, in many cases, offer much better repayment terms than you’d get from a high street bank or lender.

However, be careful. P2P lending is still a relatively new method of lending and borrowing money and it’s still not as closely regulated by the FCA as online and high street lenders are.

A guarantor loan

For people that say I desperately need a loan but I have bad credit, guarantor loans can be an ideal solution.

Not only does having a guarantor, make you much more likely to be accepted for a loan, it improves the rates you have access to.

Having a guarantor makes sure that, in the eyes of the lender, you are a much safer option. This makes you much less likely to be accepted for a loan, which is great because regular repayments on this loan can fix your credit score in the long run.

At Bamboo, we offer personalised loans that are tailored specifically to you and your circumstances. We also show you exactly how much you could borrow and how much you’d have to repay. And, if you’re accepted, the money could be in your account the very same day. Representative 49.7% APR.

If you’re considering taking out a guarantor loan – why not get an instant quote to see how much you can borrow? It’s quick, easy and – most importantly – leaves no mark on your credit history.

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