If you do not have a very good credit record then you may feel that you have a very limited choice when it comes to borrowing money. This could be the case, but it is best to check this out.
Credit Score
You may find that your credit record is not as bad as you imagine. Take a look at it for yourself and see what is on there. It is important to make sure that it is all correct anyway because you could find that any mistakes are making it look worse than it actually is. It is also worth seeing if there are any obvious things that you might be able to change which will make it better. It might be that there are some loans you can repay or that you can make sure you always make payments on time or something like this which will help. There are plenty of places to look for tips on improving your credit report and it is worth having a look to see what changes you can make to improve yours. However, it is worth noting that lenders never give details on what they are looking for in a credit report and so it is not an exact science knowing what you should be doing to improve it.
No Credit Check Loans
If you want to borrow money and you feel that you have a poor credit record then you may wonder whether a payday loan will be your only option. This is because it is well-known that pay day lenders will tend to be happy to lend money to people that have a poor credit record. However, there are other lenders that will also do this. You can have an instalment loan which is very similar but you do not have to repay in one lump sum but in instalments. You may also want to consider a guarantor loan, where you will be able to borrow larger sums of money but you will need to find a guarantor who is willing to cover any repayments if you miss them. There are also a few others such as a logbook loan which are less common but might work for you.
Other Options
It is well worth thinking about other options that you might have available though. You may find that these might be better but they may not be and it is a good idea to make sure that you are aware of all of your options so that you are able to choose between them.
If you have any savings then it will be a lot better to use those. This will cost you a lot less. You might be tempted to keep them, especially if you have an idea of what you want to spend them on, but by using them instead of borrowing, you will save a lot of money.
If you can wait for the purchase then you could save up for what you want rather than borrowing the money. Although this will mean that it will take longer for you to get the item, you will save a lot of money this way.
You may find that your local credit union might be able to help you. They often offer loans to people even if they do not have a good credit record. It is worth investigating where your nearest one is and whether you will qualify to borrow from them.
You could also see whether there are any other borrowing options you could take. It could be worth approaching a few high street lenders to see whether you might be able to borrow money from them. You might be surprised. If you already have an arranged overdraft or credit card then it could be possible for you to use those as well.