People with bad credit history are not new to the present day scenario. Many of us would have faced shortage of funds while repaying our loans back at least once in our lifetime. But if you fail to repay the prescribed loan or the interest many times, that’s what is called a bad credit history which creates a lot of problems for your financial health. Let’s see the side- effects of a bad credit score one by one,
- Financial institutions will charge you a higher interest rate compared to people with good credit score, this is done to tide over the risk of nonpayment or late payment of dues by a person with a bad credit score.
- You may be refused a credit card and your loan application may get rejected or there may be delay in accepting your loan application.
- House owners may not lend you a house because of a bad credit score.
- You may be forced to pay security deposit before using utilities like electricity, water, gas landline, mobile, TV and Internet connections or your application for these connections may get rejected.
- You may not get a good job or you may be refused an employment.
- Insurance companies may charge a high premium to compensate for your bad credit history.
- Disturbance from creditors when you fail to pay the interest or the premium. They may take legal action or file a police complaint against you.
- You may lose your social status and may even land in bad books of people around.
- Difficulty in buying a house, starting a business or purchasing an automobile.
We saw clearly the disadvantages of a bad credit score. Now what to do when you have a bad credit? You still need money for your daily expenses or to repay you loan or its interest. If this is your problem then don’t worry, there are still money lenders who give you lend you money irrespective of your bad credit history. These loans are called as “bad credit payday loans”. These are short term loans for small amount of money but with higher interest rate to tide over the risk of non-payment of dues. You can find a lot of information about such money lenders over the internet and if you are from UK, then logon to VeryMerryLoans.com. They are bad credit payday lenders from UK who lend money for a loan period of three to twelve months, for a loan amount ranging from hundred to thousand pounds with short processing time and you will know within minutes whether your application is accepted or not. The interest rate here is higher for bad credit scorers but the chances of loan application getting rejected is less compared to other financiers. The conditions for getting loan the available source are:
- You should be at least eighteen years of age.
- You should be a resident of UK
- You should be employed in UK.
If you satisfy these conditions and you need money small amount of money urgently, logon to this website to know more.