Bad Credit Options
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To be rated as having "bad credit" doesn't just mean missed payments or defaults. Sometimes lenders will treat you as having a bad credit history simply because your source of income or your flow of income isn't the norm.
While not having work is always going to cause issues with getting credit - you've got to show how you're going to repay the loan - it is odd to think that being self-employed can also be a problem.
It is also a good idea to ensure that you fix any credit issues that you might have and ensure you are on the electoral role.
Credit may still be available.
Lenders prefer to lend money to people who have a regular monthly income. When you apply for a loan they'll ask about your employment. But the modern world just doesn't work this way any more. A growing proportion of people work for themselves and on their own terms - they are self-employed. Self-employment can be a lifestyle choice or a choice forced upon someone. And being self-employed is not an easy option. But the rewards can be significant and sometimes it's great to be able to work flexibly.
With this form of employment can come an unsteady monthly income - and lenders find it really hard to judge the merits of a loan. But there are lenders who will be happy to consider applications, but you will need to be able to show:
Being self-employed is less of an issue than it used to be when it comes to getting a loan. Many of the loans and lenders we work with will be happy to consider your enquiry.
The issue with part time working and credit is more to do with generating sufficient income to repay a loan. So obviously the more hours you work the better and the more favourably a lender will view your application. You should have a contract of employment whereas someone who is self-employed will not. This should help you.
It will always be challenging to get credit when you don't have any earned income. Being dependent on some form of benefit payment will mean that there is unlikely to be much surplus income left over to repay a loan. In this sort of situation we would urge caution and would not recommend that you consider a payday loan or a doorstep loan. Both carry high interest rates and payday loans have to be repaid very quickly.
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