Tips and Tricks to Stay Afloat When Financially Broke
by Lauren Strom Content Writer
Credit is the new cash in the modern life. As much as you
need the required sums of currency bills in your pocket as you need the ability
to avail cash to your will. Loans are means to lead a happy and prosperous life
today. Right from your education to buying your first smart phone to bike; to a
new car; to building your home; to travel destinations of your choice, all
plans largely depend on how much you could borrow.
However inability to manage these loans and bills on time
can dither your credit rating and make you ineligible for loans. It is thus
important to plan your financial moves and pay attention to your credit score.
For, it may take more time and effort to mend a bad score than maintaining a
good score in the first place. But many borrowers realise this basic fact only
after an unexpected loan rejection.
Any of the following can result in loan rejection:
- Irregularity in past repayments
- Too many loan queries in a short span.
- Not having a right mix of secured and unsecured
loans. (A profile with more unsecured loans is considered more risky.)
- Using more than permissible credit limit every
- Having high debt to income ratio
All these factors lead to poor credit score. Thus one of the
best ways to maintain a good score is to keep these points in mind every time
you use a consumer credit product. Main street lenders would hardly consider
your application for a loan with low score. Bank and high street lenders always
seek loan security.
However you can still make out a way and take steps to improve your credit
situation. Being a homeowner you can apply online for a homeowner loans UK. A homeowner loan is a second charge against
your property on mortgage. Being a secured loan this loan is extended with less
hassles. The rate of interest is also not high as a typical bad credit loan.
You can conveniently raise a homeowner loan up to 70 percent
of equity you own. Whether you consider initiating home improvement or
consolidating your loans, you can use home equity loans for the purpose.
An authorised loan broker can considerably help you in the matter. They can
help you find affordable short term
loans no fees. Most brokers work as unbiased loan advisors.
They share available loans according to your repayment capacity. You can
compare and choose a loan with no obligation.
While choosing a bad credit loan, make sure you do not borrow more than what
you require for your goals. Evaluate your credit requirements carefully and
apply according to your needs. It is also important to assess your credit
repayment capacity and draft a repayment plan before applying for the loan.
This brings ease of loan repayment and you are more likely to repay loans on
In all, a bad credit loan should be used as a last resort loan. Whether you
choose a long term homeowner loan or a short term loan, you must ensure its
success to stay afloat. The loan repayment would not only ease your debt
situation but it would also ease your credit rating.
Created on Mar 5th 2018 02:16. Viewed 556 times.