Getting credit approval despite bad credit rating

Procuring loan is possible even with poor credit history.

08:56 31 October 2013

Not every day is a good day for borrowing money, especially if you have a ordinary credit history.  Unfortunately having a number of disapproved loans can push your credit rating further down.  But do not lose heart yet...

Some agencies specialise in getting loans approved for clients with bad credit. Choose an agency with a good connection in the lending industry so they can get you the lowest interest rate possible.

Another good thing that can come when you can get a loan approved through this type of agency is that you will now have a chance to redeem yourself and start rebuilding your credit history.  Just make sure that this time you promptly pay your monthly repayments. Your credit rating could have been ruined by bankruptcy, IVA arrangements or unpaid loans.   Ironically, first time borrowers might also find it hard to get loan approval simply because they do not have a positive credit history to show for.

Your payment habits can make or break your credit history.  People who pay their dues promptly and regularly will certainly be given high ratings that will be reflected in your credit report. Financial agencies can get hold of individuals’ credit report which becomes the major reference for evaluation of applications for any type of loan.  Although there could be other factors that lending companies use to evaluate loan applications, the credit report gets the heaviest consideration.  The specialist agency could be your only hope to get past this problem.

To save time and effort, you can also try applying for a loan online as you can get faster and clear-cut response to your inquiry such as requirements, interest rates, and terms of payment, among others.  You can also do your shopping here for specialist agencies that can help you get loan approval even if your credit history is unfavourable.