Can You Get a Loan if You Blacklisted or Have Bad Credit?
Can You Get a Loan if You Blacklisted or Have Bad Credit?
At some point in their lives most people will need a loan. It might be for something exciting like tertiary education, a car or a home. Or it could be to tide you over when general expenses have unexpectedly increased. When you’re really desperate for money it’s almost certainly at a difficult time in your life. That’s when stress levels are high and you need help to bridge your cash gap. This is when you want a trusted provider for your cash solution, not more obstacles to overcome.
For many, particularly difficult times are made worse because at that point they have bad credit, are unemployed or blacklisting. In most instances this makes successfully applying for a cash loan unlikely if not impossible.
For many, particularly difficult times are made worse because at that point they have bad credit, are unemployed or blacklisting. In most instances this makes successfully applying for a cash loan unlikely if not impossible.
However, does this mean that you are out of options? Or can you get a loan despite being blacklisted, having a poor credit history or being unemployed?
The Risk of Asset Backed Loans:
Everyday items can be used as collateral for an asset backed loan. It’s one way of getting cash fairly quickly when you’re in a particularly tight spot or bad credit situation. However, they carry substantial risk for the person borrowing the money.
In fact, if you can’t pay an instalment, you are likely to end up worse off than before you borrowed the money. For example, if you used your car as collateral and missed a payment, it can be claimed by the loan institution to cover your debt costs. As a result, you could be left with no way to get to work. Which would make your already difficult situation much, much worse.
Why a Gold backed Loan is Less Risky
Coughlans offers gold backed loans. These are cash loans that are backed by Gold and Gold Jewellery. Therefore, while your gold item may have sentimental value, it’s not a household or essential everyday asset. If you can’t pay the instalments your loan is covered by the gold item used as collateral. Which means that your everyday essential items, like your car, stove and home, are still safely yours. Therefore, a gold backed loan is inherently less risky than other personal or business loans. It also enables Coughlans to provide you with a very competitive interest rate for the cash you’ve borrowed.
How to Successfully get a Cash Loan if You are Blacklisted, Unemployed or have Bad Credit
When your business or personal loan is backed by gold or gold jewellery, you are using something you already own. Therefore, applying for a Coughlans cash loan, using gold as collateral, means that:
- 1. There is no need for a credit check.
- 2. There is no need for a credit check.
- 3. And if you are blacklisted you are still eligible for a loan.