There are many loans available but if you have a poor credit rating then you will only be able to get loans that are designed for those with a poor credit rating. If you really need some money then you might consider taking these out, but you need to make sure that it is the right option for you.
you really need it?
Whenever you borrow money the first thing that you should think about is whether you really need the money. It may seem silly as you may feel that there is no alternatives, but if think about it logically you may be able to find some. For example, you may have some savings that you could use instead of borrowing. You may be reluctant to use your savings because you have worked hard to save the money or you have them saved to spend on a specific thing. However, using your savings will be a much cheaper option for you and you could pay the money that you would have used to repay your loan into your savings account instead. This means that you could replenish it quite quickly.
You also need to consider what you are spending the money on and whether this is really necessary for you to buy. If it is, then think about other things that you also buy and whether you can go without any of those and use the money to pay for the thing that you are borrowing it for. You may also be able to earn the money that you need or sell items that you own in order to cover the cost of it. It is good to think about all of your alternative options.
you repay it?
It is really important to make sure that you can afford the repayments on the loan. Find out how much you will be expected to pay and when, before you take out the loan and then you will be able to see if it is a realistic amount. If you have no idea then you will need to take a look at bank statements from the last few months and see how much money you normally have available at the end of the month and whether it would be enough to cover a loan repayment, If not then see whether there are any places that you could cut down your spending so that you could afford it. You need to make sure that you will be able to afford every repayment and all of your normal essential costs on top. Consider how many repayments there are and whether you will be able to cope with repaying them for all of this time.
the cost justified?
It is worth also calculating the full cost of the loan. You may be able to do this fairly easily as some lenders will tell you what the costs are, but others may be trickier. You can always contact the customer services department in order to find out. You should think about that cost and think about whether you feel it is worth paying this cost for what you are borrowing the money for. You may be very happy to pay the extra, you may not have much choice if it is for an essential product or you may decide that it is just not worth it. It can be a hard decision as it is unlikely to be really simple. It might be easier for you to discuss it with someone else as having a different viewpoint on a situation can something make things a lot easier.
I get it?
The above are all things that you should consider whether you are getting a bad credit loan or any other type. However, with a bad credit loan you also tend to find that it is costlier so there is this to factor in as well. Is it worth that extra cost?
It is also good to think about why you have a poor credit rating. It is because you have been in trouble with debt before and if so would it be wise to get into debt again? Of course, there are all sorts of reasons and so you may feel completely confident that you will be fine with a loan. Only you know for sure whether you are likely to struggle with the repayments or not. You need to be honest with yourself though and make sure that you really are confident that it is a good idea.
If you do decide to go ahead with the loan then make sure that you compare the loan types to get the one that works best for you and then compare the lenders in order to find the one that will offer you the best value for money.