Most people believe that it is absolutely impossible for you to access a loan if you have a bad credit rating. This is not true, although it would be much easier for a person with a clean credit slate to access loans than one with bad credit, especially from formalized lenders. Though, the bad credit borrower still has a number of options. Let us explore these options together.
Seek friendly loans
If you are in a bad credit situation and need cash urgently to solve pressing needs, your best bet is to approach those who can sympathize with you and will be moved to help you. Meet friends, relatives and those you have assisted in the past. You might just be lucky. Also, ask according to what you feel they can afford and explain your dilemma. You could even make up your cash needs from different people, but be sure to let them know you have collected cash from some other person. This will prevent them from thinking of you as a fraudster, should they learn about your borrowing from each other.
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Pledge your assets as collateral
Your assets, including cars, lands, businesses, equities, etc. can help you secure quick loans from banking and non-banking lenders alike. They would not mind as there is a level of security attached to your loan - that is, your asset pledged as collateral, which would be confiscated and taken over in the event of a default on the loan repayment.
Talk to your employer
If you are employed, and have been with the company for quite a while, it is possible for you to make a loan request from your company, even if there is no dedicated loan scheme in place. If there is a scheme, follow the required process and request approvals to access employee loans. However, if there is no loan scheme in place, you can request a quick loan to be offset from your monthly salary. This is similar to a salary advance, which is a very common form of urgent loan these days.
Get a payday loan or salary advance from the lender
If you do not wish to involve your employers with your loan issues, you can seek a payday loan or salary advance from specialized lenders. Present your proof of employment, salary account details, current pay slips and post dated cheques for loan repayment. You can get an urgent loan approved immediately.
Seek specialized bad credit lenders
What if you don't have a steady job or any assets to pledge as collateral? Go in search of licensed lenders whom are specialized in offering bad credit loans to certain categories of persons. You must note that interest rate charged for these kind of loans is very high.
No matter which of the above options you decide on, make sure you take up only what you can repay, in order not to worsen your already bad credit situation. Also ensure that you are taking the loans for needs and not just your wants. All the better if it is taken for a venture that will yield more money, thus offsetting the cost of the loan.
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