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Private Bad Credit Lenders

Having a bad credit record can ruin your chances of borrowing any money from the high street banks and similar institutions, but fortunately there are plenty of alternative private lenders who specialise in lending money to people with poor credit records. Many lenders do not consider bad credit to be a problem, because they use different ways to cover the risk of lending you money.

There are various approaches to lending money to people with bad credit, from simply charging a lot more in interest to cover the increased risk, to using different types of loan so that a credit check becomes irrelevant. This article focuses on the alternative types of loan rather than the ones that simply charge you much more.

The following are the main types of private bad credit lenders:

Payday Loans

Payday loans are the most widely available form of lending for people with a poor credit rating, but they are only useful if you want a fairly small amount of money for a short period of time. The best payday lenders are not interested in your credit rating because it has no real bearing on assessing their level of risk in lending you money.

Payday loans are never for large amounts of money that must be paid back over a period of years. The most you can borrow on a payday loan is typically about $1,500 in the US or £800 in the UK. It is a cash advance to tide you over until you next get paid, when it must be paid back in full. For this reason, all the lender needs to know is that you have a steady job that pays you enough money to allow you to repay their loan on your next pay date.

Payday loans can be processed extremely fast by the best lenders, because they do not need to carry out a credit check or verify all sorts of other things. All they really need to know about is your job and your bank account. If those two things meet their criteria then you are considered a safe bet. A good payday lender can have money in your bank account in a matter of hours from when you apply online.

There are some organisations in the payday loan market that are only in it to rip people off and charge extortionate fees, so you need to take care to only use the most reputable lenders. You can find a list of reputable payday lenders in the US and UK here. They have also been selected on the basis of having fast and simple application processes.

Secured Loans (Home Equity Loans)

If you need to borrow more than a payday loan will allow, one way of doing it is through a homeowner loan. These are only an option for people who own their own house or have a mortgage. They are great for people with poor credit because, like with a payday loan, the lender's security does not rest with the things a credit report can measure.

The way they work is that the amount you borrow is secured against your home. So from the lender's point of view, if the worst happens and you do not repay the loan, they can arrange for the sale of your house to get their money back. Clearly that is a drastic consequence, so you do need to be sure that you are able to keep up with payments before entering into such an arrangement.

The advantage of this type of loan is that, because homes are worth such a lot of money, lenders are prepared to lend you considerable amounts of cash for almost any purpose. You can pay this back over an extended period of time, which keeps the monthly repayment amounts down.

You can find some recommendations for reliable providers of homeowner loans in the UK and US here.

Other Types of Private Bad Credit Lenders

An interesting type of lending that is designed for people with bad credit in the UK is a guarantor loan. This is where someone with poor credit gets a second person to vouch for them and be a co-signatory on the loan application. The second person must be someone with a good credit record, who will become responsible for the loan repayment if you should default on payments.

For UK citizens looking to borrow between £1,000 and £3,000, you can find recommended lenders on the main Borrow Money.

Is Your Credit Rating Correct?

If you have a bad credit rating which is preventing you from obtaining credit and accessing loans, it is probably worth checking your credit record to make sure that your credit record is accurate and your rating fair. It is not uncommon for credit records to include errors or to still include problems which have been resolved and should have been removed.

Whether you are in the US or the UK, you can check your credit rating easily free of charge if you know how. Once you have the information you can then arrange to have any errors corrected and your credit rating will improve. Find out how to get a FREE credit report.

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.