Getting a Loan in Special Circumstances
There are several occasions when it may prove difficult for you to be accepted for a personal loan. Usually these are circumstances which affect your credit record and therefore signal to potential lenders that your debt repayment history is unstable, such as a period of bankruptcy.
Alternatively, you may wish to borrow money when you are unemployed and find that the majority of lenders are unwilling to give you a loan because you do not have a consistent income. However, there are specialists who offer people in difficult circumstances advice on finding a loan, and even companies who specialise in loans for people with a poor credit rating.
It is important to ensure that these organisations do not exploit your vulnerable or desperate situation, since they will usually charge much higher interest rates than on standard loans for people with a good credit history. High interest rates may increase your chances of getting into debt. Remember to consider whether a personal loan really is a good idea: doing without a new car or home extension is preferable to facing spiralling debt and potential bankruptcy.
For more information on specialist loans see:
