Bad Credit – Could I still get a loan?
If you have bad credit it can feel like a big hurdle if you need a bit of extra cash and you want to apply for a small loan. Many people think that a bad credit score means no one will ever say “yes”, but that isn’t always true.
Some lenders look at more than just your credit score when they make a decision. They know that just because things have happened in the past, your credit score isn’t always the best way to see if you can manage loan repayments now and in the future.
Moneyline knows that things can happen in the past which mean you may have bad credit now. This is why we can often say ‘yes’ to people who have been turned away by banks or other lenders due to a historic bad credit score. We do look at credit information but we also look at other information to see how you’re managing your finances now.
If you have bad credit, here are some things that might help improve your score
- Make sure you are on the electoral role at your current address – this can be really important to help improve your credit score
- Try not to borrow from lots of places at once– lots of applications in a short time can lower your score.
- Try not to take loans with a term under 6 months if you can. These can lower your credit score even if you make all the payments on time!
- If you have a credit card, don’t fully use the limits every month
- If you can’t make a payment for a bill or a loan don’t ignore it. Always talk to your supplier or lender to let them know and to come up with a plan that works for you.
Stay up-to-date with our articles
