If you have struggled with money in the past, you may find yourself in a troublesome financial situation, with a poor credit history that makes it difficult to get any credit. It can be a challenge to get out of debt, but Money Pug is here to help. We’ve put together various guides that can help you work out how you might be able to increase your income or reduce your outgoings to make ends meet and get your financial situation back in the black.
Should I Get a Bad Credit Loan?
If you have come to this page looking for a loan, then the first thing you should think about is whether you should really be borrowing in the first place. If you have poor credit worthiness, this could be a sign that something needs to change. Borrowing and incurring more debt to solve the problem is not a valid solution. Instead, think about how you might be able to give your finances a sustainability overhaul. Borrowing should usually only be a last resort.
Sometimes, however, Money Pug understands that emergencies can arise. You may find yourself with the need to raise cash quickly to solve an emergency such as a broken down vehicle or a disaster in your home. You may be looking for a loan. As long as you are truly going to be able to service that debt, Money Pug can help you find the best possible solution for your situation.
If you have a bad credit rating, you will undoubtedly end up paying a much higher interest rate for your borrowing than if you had exemplary credit worthiness. This is unfortunate, but with this in mind, checking for your loan on Money Pug’s website can help you find the best possible deal for your situation.
Alternatives to a Bad Credit Loan
Before you decide to take out a bad credit loan, remember that you will have to pay high levels of interest. You may even end up having to repay twice as much as you borrowed in the first place. Make sure you have exhausted all other alternatives first. These might include:
Using a 0% overdraft or credit card if you can get one.
Borrowing money from family or friends.
Selling personal belongings to raise cash for an emergency.
Looking for extra work/ making sure you are getting all the benefits to which you are entitled.
Approaching a charity or Citizen’s Advice for free debt help and advice.
If you do decide to take out a loan, make sure that you are able to make repayments and can always pay them on time, so you do not worsen your credit worthiness. Look into ways to improve your credit rating in the future, so you can get things back onto an even keel.
Bad Credit Loans FAQs
Bad Credit Loans FAQs
Payday loans are designed to give you cash quickly in an emergency. You could be able to borrow between £50 and £2,500 and pay it off over several months or in one lump sum, depending on your choices and the length of the loan. Lenders design the loan terms to be short, but most will let you extend your repayment date by an extra month, which will give you more time to pay it back but will, of course, increase the interest that you will have to pay.
Who do we include in MoneyPugs Payday Loans comparison?
We include every UK Payday Loan you get in the UK from our panel of providers. . They are all either directly regulated by the Financial Conduct Authority. or providers that are partnered with a company regulated by the FCA.