Practical tips to help you improve your credit rating and avoid expensive high interest loans
Having a poor credit rating is not only a sign of having possibly made bad financial decisions previously, it is also viewed by potential lenders as offering an increased likelihood of you making them in the future.
It is this assumption made by nearly all lenders which results in options for borrowers becoming limited with the ‘bad credit’ loan market seemingly becoming the only viable option.
This market offers a variety of options to borrowers, however, nearly all come with the drawback of either being secured (against a property or vehicle) or attached to an exorbitant interest rate and should therefore be avoided wherever possible.
The majority of people only attempt to borrow money in a time of great need, however, if the opportunity to earn more money was presented, not only would people be able to steer clear of this market, there is every chance that they would be able to take significant steps towards improving their financial situation.
Below are a few suggestions to get you started:
There are many jobs that a person can do online if they know basic computer skills. Good writers can ghost write for websites and companies. People with an eye for editing may quickly find that they have clients queuing up outside the door.
You can also be a virtual assistant. This means being hired at an hourly or flat rate to perform simple personal assistant tasks. This may be doing paperwork, spreadsheets, or transcribing notes. There are many websites available that will connect you with a client right now.
If you are desperate to generate some extra cash, one of the first things you probably thought of was selling the things you don’t need any more. You can sell items online or through specialty shops. What happens when you run out of things you can part with?
When you were a kid you probably did the odd job or two to make some money. You can still do that as an adult today.
People always need manual labour help. Whether it’s moving furniture, landscaping, or helping with construction, someone with an able body should be able to make some quick cash on the weekends and beyond.
The above three methods are all fantastic ways to make money quickly. Assess your skills and apply them to these tasks so you don’t have to apply for any type of finance which may ultimately make a bad situation worse.
The Citizens Advice Bureau have drawn up an excellent guide related to help boost income – http://www.adviceguide.org.uk/wales/debt_w/debt_help_with_debt_e/debt_budgeting_e/how_to_increase_your_income.htm
If you would like to become better at saving, take a moment to view the following Money Saving Advice video dedicated to helping people save money.
With so many expensive loans around at the moment, our website has been designed to keep things simple. For direct access to some of the UK’s most affordable loans, simply contact us today.