Bad credit loans are still available, despite the credit crunch that we're all suffering from.
But, it doesn't mean that you should run to your bank and apply for a loan. Especially, if your credit score is bad.
Why? because every credit application gets registered on your credit file; even those where you've failed and the loan wasn't approved.
Consequently, every lender you're approaching sees where you've been before, and what have you applied for.
Too many loan applications from a person with bad credit is particularly telling... it indicates that the person is experiencing some kind of financial problems. And because of that, you're more than likely to hear "NO!".
After all, who wants to advance money to somebody who's less likely to repay them?
So, what's the solution? When your cedit score is bad, before actually filling a loan application form, visit a finance broker and ask him/her to evaluate your chances of succeeding. They can run through the lending criteria and give you an answer in 5 minutes flat... without recording it on your credit file.
