Can you get loans for bad credit or if you have a low credit score?

In a perfect world all of us will have immaculate credit scores and no need to even apply for a loan. But then we get to the real world, a world where, you can have a job today, and then it is gone tomorrow a world where a medical condition can happen over night and leave you in a trouble, where you neglect to pay your accounts on time or even at all. That is exactly what having bad credit means, you have neglected to pay your accounts and because of that no matter where you turn to now you are getting turned down. Finding a loan or getting credit can seem like an impossible task when your score gets below a certain rating.

The problem with having a low credit score is that there is a chance that you can get credit, but because of your score you will be considered a high risk, which means that should you get credit you will end up paying more for your credit compared to someone that has a better or low risk score.

How to improve your credit score?

Like most things in life, the things worth having takes a lot of time and commitment, so starting out where you are now, it might seem that need a miracle, but if you focus you can be in a better situation sooner than you think. Best is to start, start by just paying at least the minimum installments that are due on your credit on time. Start by paying of the debt that carries the higher interest first and then keeping at it till all your debt is paid in full. As time goes by and you keep on keeping your accounts up to date you will find that your credit score improves, but not only that, your finances will also show improvement.

When applying for a loan, you need to know that all credit providers will consider your credit history, they will also do a full assessment on your income and expenses as affordability is considered to be a vital indication of your ability to repay the loan and both of these are required by the National Credit Regulator.