Best Review - Top 3 Ways To Borrow If You Have a Bad Credit History


one of us want to be in a situation where we have to borrow more than we can reasonably afford to pay back and, fortunately, banks and other lenders now have stringent affordability checks to ensure we don't borrow too much. But what if you can afford to take out a small loan but can't get one from your own bank or other mainstream lenders because of a black mark on your past credit history? Are there any options that don't charge exorbitant interest rates and that don't make your credit record even worse?

Let's take a look at 3 of the alternative types of loan that could be just what you need:

guarantor loans as an alternative way to borrow
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Guarantor Loans

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This type of loan is an unsecured loan for which lenders will not necessarily be too concerned about your current credit record. The reason for that is that you provide a guarantor i.e. a person who will guarantee to make the loan repayments if you cannot – this is usually a family member and is a common way for young adults with no credit history to borrow money. With guarantor loans you can borrow small amounts of money over short periods or larger amounts over longer period so, for example, it can be a way for a parent to provide a deposit for a home for their adult children.

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Homeowner Loans

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If you already have a mortgage on your own home and want to raise some additional cash for, say, some home improvements but cannot (or don't want to) extend your mortgage then a homeowner loan gives you the options to do just this. The loan is secured on your home so is not the sort of loan to enter into lightly but it can be a solution for those with a poor credit score but adequate income to take on more borrowing. Just make sure you go through a reputable broker and lender.

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Unsecured Personal Loans

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Personal loans are unsecured and can be suitable for those people who do not own their own home or who have a poor credit history or, indeed, no credit history. It can, therefore, be suitable for young adults just out of full-time education and who have never owned a credit card or taken out any previous loan and, therefore, do not have a credit history at all.

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