Life sometimes offers unexpected surprises. It may be an outboard that has broken, a home repair that needs to be done or something else that requires quick cash. It may also be that you want to go on your dream trip before the summer is over or treat yourself and your partner something special,
Very regular people, despite regular income, find it difficult to make a profit in their finances. They have no margin to exploit when there is a crisis, or when they want to do something out of the ordinary. Then it is nice to know that you can get help! By taking out a quick loan you often have the money in your account the same day. The amount is then repaid monthly. As long as you take care of your payments, the terms are usually very favorable and the loan is not too expensive.
Then it is nice to know that you can get help!
But, what if you have a low credit rating? Can you draw fast loans anyway? In fact, it is excellent to take out loans despite low creditworthiness. First, let’s find out what creditworthiness really means.
What is Credit Rating?
Creditworthiness simply means your ability to repay debt. To assess the creditworthiness, a credit report is made. There are also other players who provide credit information, such as Bisnode. The credit information collects information about your income, your debts, your housing situation and other things that together determine your creditworthiness. Based on the result, it is then determined how much money you can borrow and at what interest rate. If you have a payment note, it also lowers your credit rating, as it indicates that you previously had difficulty repaying your debts.
I have low credit rating, can I borrow money anyway?
Obvious. If you want to borrow smaller amounts, for example USD 5,000 or USD 20,000, low credit rating is normally no obstacle. Most lenders offering quick loans accept both low credit ratings and payment remarks. Instead, they look at your current situation and future ability to pay. The requirements for borrowing smaller amounts are often very generous. As a rule, you only need to be over 18 years old, registered in Sweden and have a regular income. The requirements differ between different lenders, so it pays to compare properly. Through our service you get a good review on lenders offering loans despite low credit rating.
What interest rate do I have to pay if I have a low credit rating?
Interest rates differ between different lenders. There are a number of different suppliers of fast loans in Sweden, all of which compete for customers. This benefits you as a customer, as you can easily find a lender that gives you the best terms based on your situation. Again again – compare! It can separate thousands of dollars each year in interest rates between different lenders.
I have a hard time getting a loan because of a low credit rating, what can I do?
If you find it difficult to get a loan because of your low credit rating, there are a number of things you can do.
- Borrow a smaller amount. The requirements become more generous the lower the amount you borrow.
- Let a family member with good finances stand as co-signer on the loan.
- Review your situation. Is there anything you can do to increase your credit rating?
To summarize: You can absolutely borrow cash for life’s unforeseen expenses despite low credit rating. As long as your financial situation is organized, you have regular income and no debt to the chancellor, in most cases it is no problem to borrow cash.