Just because you have bad credit doesn’t mean that you don’t need financial support or a large sum of money at some point. In fact, if you have bad credit, you may find that you have a greater need for a large sum of money, which makes the consequences of having poor credit all the more frustrating. If you have a low credit rating or poor credit score, traditional lenders will overlook your application, which means that you need to turn to other sources of funding if you are going to get the money you need. Sometimes there is a lot to be said for finding the right type of financial support but when it comes to finding help with bad credit, your options are limited.
Where do you turn to for financial support?
While many people turn to payday loans for support, the amount of money on offer is usually of a smaller amount. This is because payday loans are traditionally aimed at people who have experienced an issue or unexpected bill. The fact that payday loans are supposed to be paid back at the end of the month, or as soon as someone has been paid, suggests that the amount of money on offer with this style of loan will be smaller. A payday loan is far from ideal, but many people with bad credit will often think it is their best option. This is why people who have bad credit but are looking for a lot of money need to look harder to find the option that is best for their needs.
If you are asking can I borrow £10000 with bad credit, you should think about a guarantor loan. Guarantor loans are available for much larger sums of money than you will find with a payday loan and there is a much more attractive rate of APR. This is down to the fact that the person acting as guarantor is taking on the risk, as opposed to the lender. This enables the lender to lower the APR rate, which means that a guarantor loan is far more affordable than a payday loan.
A guarantor loan is the best option
With a guarantor loan also being available for larger sums of money, which can be paid off over a longer period of time, this is the ideal type of loan for people suffering from bad credit who need a big helping hand when it comes to their finances. When it comes to large sums of money, and moving your life forward in the most effective way, look to guarantor loans.