If you have bad credit history or bad credit rating, or both, then getting a loan is not easy in Surrey or elsewhere in Canada. So what should you do if you need cash today Surrey BC? There are many situations of emergency that can happen in your life. It could be an ailment or other health issue which is not covered by your health insurance, or it could be that your mortgage or rent payment is overdue, all your credit cards are at their maximum and that you have not paid all your domestic bills.
You may have tried online loans or payday loans and may be wondering if they will truly help you. The truth may be that you have recently gone through difficult things and at the moment you do not know of any other way in which you can handle the badly pressing issues other than applying for loan notwithstanding your bad credit. The following are some suggested ways of what you can do if you need cash today Surrey BC and have a bad credit rating.
Apply for bad credit loan:
If you want bad credit loan, you need to be prepared with the required financial information. All lenders want to obtain information about your income. What is your ascertainable income per month from employment, business or other source? The lender would like to know if you have some assets which can be pledged as collateral (security) for your loan. Some lenders may also want to know about your monthly expenses as well. Also be prepared to answer questions to help the lender obtain information about your payment history, poor credit and all outstanding debts.
Show all your income:
Gather all the required details about your income such as bank statements, details of child benefit payments, government assistance, alimony or child support records, pay stubs and tax returns with official assessment notices.
Showcase your assets:
Any asset that you own, especially the immoveable assets such as land, buildings and real estate, can be pledged to secure a loan. Some valuable moving assets such as cars, can also be pledged as security. Some lenders may also accept assets such as fridges, cookers, microwaves ovens, etc, but you must prove that you won them. Generally, most lenders will offer loan not exceeding 75% of the value of the assets you offer as security for your loan. Keep in mind that if you do not repay the loan, then they can be sold by the lender to recover its principal and interest thereon including costs of debt recovery.
Get a guarantor:
A guarantor can help you secure need cash today Surrey BC even if you have bad credit rating. The guarantor stands as surety that you will pay the loan and if you default, they will pay on your behalf. A guarantor should generally be an adult, resident of Surrey, with ascertainable income, and one who has good credit rating.