If you have a bad credit record then you might think that there is nowhere that you can go if you need a loan. It is likely that direct lenders will not lend money to anyone with a poor credit rating, whatever the reason for their rating and this can mean that you have reduced options with regards to borrowing. This may make you feel that you will have little choice and could end up not getting a very good deal. However, there are now quite a few short term lenders and this means that there is some competition and it means that you may be able to get a good deal. However, you will need to do a number of things in order to ensure that you do.
This can be quite a complicated thing to do and it will take some time. It is likely that if you are looking for bad credit loans then you need the money for an emergency and will not have a lot of time to search around for these things. Not only will you need to find out which companies offer what you want, you will then need to carefully exam the loans that they offer to see whether they fit your specific criteria. Therefore it is worth knowing that the hard work can be done for you.
There is now a company called Omacl that will cut out some of this work for you. You can just put in a few details about what you are looking for loan wise and they will search for you and come back with a selection of choices. This will enable you to have a short list to choose from which will make comparing them much easier. It is worth doing a bit of research yourself as well though. Check out the lenders and see whether you think that you will be happy using them to borrow from.
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
It can be worth doing something like this. This is because if you need to look at short term loans online it could take a lot of time and effort to compare them. This may not be something that you are able to do by yourself as you may be really busy and also too worried to be able to spend the time comparing lots of different companies. It may even be that you would not even know where to start. This site makes it very simple for you and is very quick which means that you could very soon be solving your financial problems.
It is still important though to make sure that you look carefully at the options presented to you. It is most important to make sure that you will be able to afford the repayments. These will vary in how much they are and how many you need to make, depending on the loan that you choose. You will need to think about how much spare money you have each month or where you could cut back in order to increase the amount of money available for you to spend. This needs some careful thought and it is wise to make sure that you are not in a state of panic when you are thinking about it. Otherwise you could find that it is difficult to think clearly and make sure that you will be able to manage financially.
It can be tempting to skip this calculating and just go ahead with the loan. However, you will need to repay it and so it is really important to think about how you will manage to do that. It could be that you own some things that you could sell before the first instalment is due, you could work extra hours, spend less on items or find another well to make some extra money. It is worth spending time thinking about this so that you do not have another stressful time when it comes time for the loan to be repaid and you have not considered how you will afford it.