By Charlie Brown
If you want to join the trading world, then you need a significant amount of capital, which is often difficult to get if you have bad credit. Trading is a great way to make money and expand your financial portfolio. You can trade in stocks and commodities to make more money. Bad credit is a limiting factor for many people because high street banks and some lenders are not willing to take the risk of issuing loans to people with bad credit. However, there are some lenders who specialize in giving loans for bad credit.
You probably have bad credit if you have experienced any of the following problems:
- Declined loan applications with banks
- County court judgments for debt
- Arrears and defaulted payments
- Individual voluntary arrangement to avoid bankruptcy
- Bad credit history
- No credit history
- Self-employed with no accounts and no proof of income
- Part time employment
These are the common credit problems that will probably prevent you access to the financing you need to start your trading business.
There is no single type of bad credit loan that can deal with all the problems mentioned above. However, there are ranges of loans that can accommodate your form of impaired credit. Most bad credit loans often have higher costs in interest rates or require some form of security. Your personal circumstances and credit status will determine your borrowing options. First, you should know your credit rating then start shopping around for different borrowing options.
1. Guarantor loans (more…)