Getting a loan with a bad credit score
Can I get a loan with a Bad Credit Score?
What is a Credit Score?
A credit score is made up of information which is held in your credit report. It shows information which is used by the lender to help them to decide whether to lend to you.
Your credit report can be accessed by you, lenders, employers, landlords and insurers, although, to be accessed by anyone but yourself, you will need to provide them with permission or written consent before they can access it.
Credit Reports show information such as:
- Personal Information – Your name, date of birth, current and previous addresses, social security number, phone number, employers.
- Accounts – A list of credit accounts and the details of people who are financially linked to you.
- Public Record Information – Bankruptcies
What causes Bad Credit Scores?
Having a bad credit score means that you have previously had some difficulties with your credit.
There are various aspects that cause bad credit scores, for example:
- Late payments
- Maxing out credit cards
- Having no credit history
- Declaring bankruptcy
- Failing to stick to the credit agreement
How can I improve my Bad Credit Score?
We have put together some examples of how to improve your credit score below.
- Pay debts back on time
- Register to vote
- Get some credit if you don’t have any
For more information on improving your credit score, visit the Money Saving Expert.
Can I borrow money with a Bad Credit Score?
Although the answer for every company differs, at Simple Personal Loans, the answer is yes. They believe that it doesn’t define you. When reviewing your application, their panel of lenders takes careful consideration to give you a higher chance of being able to borrow from them.
Why Choose Personal Loans?
They are not only a lender but also a broker. Therefore, this makes it easier for you to find a loan as they have a large panel of lenders who may be able to help you if they can’t.
Although, they advise that you only apply for a loan if you know that you will be able to repay as late repayments can cause serious money problems.