Need Extra Cash but Have a Poor Credit Rating? Here’s how

The COVID-19 Pandemic has disrupted almost all areas of our lives. From social distancing meaning, we can’t see our loved ones – to the transition from office to homeworking. Perhaps one area that has become a significant source of concern is our financial situations.

For those of us fortunate to be able to continue working (from home) it’s a time to be grateful. However, there are many people out there who have been either furloughed and had a 20% drop in income, or, worse still, people who have lost their livelihoods.

Many people are now starting to struggle, and as belts tighten other problems begin to rear their ugly heads. For example, your credit rating – we all know that a good credit rating is essential to get a high street bank loan, mortgage or overdraft. But, what if you have a poor credit rating? Here are some of the ways you can get extra cash in a difficult time:

Cut down on unnecessary spending. Go through your bank statements and assess exactly what you’re spending your money on. Are you using your gym membership (definitely not at the moment) do you need so many monthly apps that require a subscription. It’s incredible what a financial ‘spring clean’ can bring to light.
Look for bargains – there are still plenty of offers and deals out there. Sites like Groupon are a great starting point if you’re looking for a new (essential) purchase.
Payment holidays – at the moment many banks are offering 3-month interest-free payment holidays. This also applies to some car finance agreements and credit card lenders. It’s worth contacting your lender and seeing if they can help you. This can help you free up some cash.
Short term loans – while many banks only consider your credit rating when it comes to lending money. Short term money lenders tend to look at your ability to repay the loan also. They’ll look at your income and outgoings before making a considered decision. This can be helpful if you’re looking for a short term bad credit loan. Of course, you must remember to keep up the repayments, or you could damage your credit rating further.

If you are looking for a short–term loan contact Bingo Loans today. We will do whatever we can to assist you.

*Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Representative Loan Example: Borrow £300 over three months @ 292% pa (fixed) Total repayment: £457.95 in 3 monthly payments of £152.65. Representative 1261% APR.

BingoLoans is a trading style of The Money Hive Limited which is authorised and regulated by the Financial Conduct Authority.