Having a good credit rating has become more important now than it’s ever been. After the financial crash of 2008 it became much more difficult to get credit in general, and this means that personal loans for people with bad credit are either impossible to get hold of or come with extremely high interest rates attached. The irony of this is that people with bad credit ratings are likely to be amongst those who need to borrow money most of all, and the difficulty which they face when meeting expensive interest payments can cause a spiral of more debt.
Here at Northern Community Bank we provide personal loans for people with bad credit ratings, because we realise they have the same kind of financial needs as everyone else. Just because you may have missed a few payments on a loan years ago, or run up an overdraft when times were tight, doesn’t mean you won’t want to buy a new fridge freezer, for example, or spend the bank holiday starting work on fitting a new kitchen. We understand this, and we see our personal loans for people with bad credit ratings as serving a dual purpose – first of all they put the cash and spending power in the hands of our account holders, and secondly they often provide the first step on the road toward rebuilding that bad credit rating.
All of this is possible because we’re an ethical lender. That means that we’re run on a not for profit basis, and lend money to our account holders on the basis of need and affordability, rather than what we think we can make out of them. Because we get to know our account holders as people, our loans are provided using this first-hand knowledge rather than on the basis of some faceless computer reading a secret credit rating.
When we provide personal loans for people with bad credit ratings we do so in a completely transparent manner. We don’t try to confuse you with financial jargon, we just explain exactly how much you’ll be paying back, when and for how long, and you can be certain that the interest rate you’re paying will be exactly the same as the rate paid by all of our account holders. Nor do we hide extra fees and charges in the small print, and a small piece of each repayment will even be used to help rebuild your savings.
Once you’ve given us all the information we need, we’ll make a decision within two days and, if we can, by the very next day. As soon as you get your answer the money will be paid into your bank account, leaving you free to get on with paying for the kind of things which you might otherwise not be able to afford. We think that personal loans for people with bad credit ratings are a vital part of what an organisation like Northern Community Bank can offer – helping people who find it hard to borrow money elsewhere to enjoy the kind of financial flexibility that’s available to so many others, and helping them to transform that bad credit rating in the process.
