A bad credit history can hang over you like a dark cloud hangs over our ‘beautiful’ British summers. If you’ve ever applied for a loan and seen the words ‘application rejected’ you’ve probably gone through the five stages of no loan grief – denial, anger, confusion, disappointment and acceptance. At Pennine Community Credit Union our sympathetic staff are forever being asked the question, ‘Can you get a loan with bad credit?’
Well we can’t guarantee summer sunshine – unless of course you’re applying for a holiday loan – but we can help lift those bad credit clouds and set you on the way to a brighter future; one where you’re no longer frantically searching the web for ‘Can you get a loan with bad credit?’
Getting through the door can be half the battle when applying for a loan. The good news is PCCU has an open door policy when it comes to loan applications and these applications are assessed by highly trained members of staff, not a bank of faceless number-crunching machines.
It may be 2019 but why should a computer determine whether or not you receive a loan? How is it that a person who’s never had credit can struggle to get loan approval? It’s because payment history is the biggest factor in determining a person’s credit score and credit scores are what banks use to grant loans.
However, at PCCU we recognise that people’s finances are rarely so black and white. Imagine missing a payment for your new sofa – by just a few days – because you forgot to set up a standing order. We bet you’ve forgotten the milk before as well. Does that mean you shouldn’t be allowed to buy milk next time you go to the shop?
Fortunately, unlike banks we don’t judge a person solely by their credit score. Of course, PCCU does take credit scores into account when dealing with an application but we delve deeper. A person is more than just a number and the relationship between applicant and creditor should be built around openness and trust.
We talk to people about how they have addressed their past borrowing, we look at income and expenditure, go over the best loan options available. We want the answer to your ‘Can you get a loan with bad credit?’ question to be a ‘yes’. It’s a question we’ve answered ‘yes’ many times before.
In fact, some of PCCU’s best account holders today came to us after struggling to get credit elsewhere. And they’re still PCCU account holders today because we didn’t just say ‘yes’ and show them on their merry way. We guided them towards building a better financial future, one where ‘Can you get a loan with bad credit?’ was a question they no longer needed to ask.
Here’s three ways how we help do that:
- We improve your credit rating by reporting payments back to the credit reference agency.
- We help account holders stick to a saving or loan repayment schedule so we are more likely to lend again if an unexpected expense arises.
- We recommend our ‘Save As You Borrow’ scheme. It will help you build up savings as you repay your loan meaning if an unexpected expense does occur, you’re already covered.