Life can become a bit complicated when you owe other people money. It is common for people to find difficulties to repay loans due to poor decision-making, investments gone wrong or various other reasons. This is not a thing for the middle class only, even the rich regularly file for bankruptcy, that is telling the government to protect them from people they owe money. So what do you do when you have bad credit yet you need more money? Who do you turn to?
You may have heard of guaranteed loans for bad credit but maybe you don’t fully understand them or how they work, this article is for you. This is a type of credit where you can access funds from a credit facility despite having a bad credit history. It can help you in recovering and rebuilding your credit rating even though it may have a high-interest rate.
Where to get a bad credit loan
1. Your own Bank
Some banks are lenient enough to extend loans even to clients with bad credit. You can talk to your bank manager and see if they can help you acquire some more financing.
2. Other Financial and Lending companies
Although they have a higher interest rate than banks, if you look hard enough, you can find one that has reasonable options for the repayment of the loan.
3. Online Services
There are online bad credit websites that can help you get the credit you need. However, you should watch out and only do business with the reputable ones. Some even go a mile further and provide you with advisory services on how to repair your bad credit.
4. The Government
Even though we live in a capitalistic society and people have lost faith in governments, believe it or not, the government can come to your rescue especially with poor credit. You need to find the right government agency or department and get the help you need.