It is not always easy to get cash loans for people who are blacklisted, because a bad credit record is a permanent reminder that someone is not good with money. This can become more complex, because a bad credit record can make it difficult to get car finance, and to borrow money which can mean that it’s more difficult to secure a job and become financially stable.
But there are ways of getting cash loans for people who are blacklisted. The bank is not the only option out there anymore; there are many alternatives to secured funding. Often however, the fact that it is not secured can mean that the interest rates you face are higher, and the repayments may not be suited to your budget. It is not wise to borrow money, if there is no foreseeable way of paying it back.
Most lending institutions will listen to the reasons that you initially incurred debt, and the reasons that you had difficulty paying your original debt. If these reasons are legitimate then the possibility that you will be able to borrow money will be better. Prepare yourself for some rejections, but don’t give up hope. It’s best to approach the lending institutions with a clear reason that you need the funds, and a detailed plan of how you’re going to spend the money. This will show them that you have made changes in your behaviour so that a bad credit record does not become a current problem.
Another option is choosing a debt consolidation loan, which will allow you to pay off all your debts making your credit record look better when approaching banks about secured finance. If all your debt is located in one place, and all other accounts are paid off, this will make you more likely to be considered for car finance, or financial support. It is not always easy, but cash loans for people who are black listed are not impossible.
Who will Finance a Car with a Bad Credit Record?
Who will finance a car with a bad credit record? This is the question you may be asking yourself if you are blacklisted and in dire need of a vehicle. There are however ways in which you can be driving away in your new car even if you have a bad credit history. One such way is to via a new method of purchasing a car called rent to buy. You do not need a good credit rating to get a car with the rent to buy system as every month you pay an instalment on an automobile that you are renting and should you not be able to pay, the company who rents the car out will just take it back. What is even better than this is that after a time period, usually 48 months, should you have paid all of your instalments you will be the proud new owner of the vehicle.
If the rent to buy system is not for you and you are still asking yourself “Who will finance a car with a bad credit record?”, then there are a number of vehicle houses that will allow you credit but with serious legal restrictions should you default on an instalment. In addition to this, you will most often than not have to pay a higher interest rate than you would should you get finance from a bank.
Therefore it generally is a better idea to find a rent to buy operator rather than getting finance from someone who will end up charging you a higher interest rate. In addition to this, you will not be tied legally to pay for the car that means that if you can no longer afford it, you can just give it back to the dealership.