/EIN News/ — London, Feb. 15 2022 (GLOBE NEWSWIRE) — London, England –
Financial services company Money Trumpet has published an article which details some of the ways people with bad credit in the UK can become eligible for financial assistance to cover unavoidable emergency expenses.
The blog post states that getting financial help when one has bad credit is a difficult, frustrating, and time-consuming process. The blog post also highlights the irony that those with bad credit are generally the ones most in need of money when they are also the least likely to get the help they need.
When seeking help from a financial services provider, the first step recommended by the article is to check your credit rating with one of the major UK credit bureaus. If the rating is less than “Good”, the person is likely to face a difficult struggle to get the help they need. One way to improve credit score is to monitor it periodically and take steps to improve it preemptively.
Money Trumpet can help UK residents over the age of 18, who have a bank account with a debit card and have a regular income to apply for three types of financial assistance: personal, guaranteed or surety.
Personal financial assistance does not need any collateral in the form of assets or personal property such as a home or vehicle. Since there is no form of security, these products come with strict limits, high interest rates and shorter terms. For an applicant with bad credit, this is the hardest option to secure.
Secured financial aid can be used if a person places an asset of equal or greater value as collateral or collateral. This gives the service provider a layer of protection and enables the applicant to avail a significantly higher sum of money at lower interest rates. If the applicant fails to meet their monthly payments, the service provider can seize the asset that was used as collateral.
Financial assistance guaranteed by a guarantor requires a second person to sign the agreement stating that they will repay the amount on behalf of the applicant if they do not repay. It provides applicants with more resources over a longer repayment term than unsecured personal assistance. Guarantors must be at least 21 years old, have a full-time job and have a solid credit rating.
A Money Trumpet spokesperson commented on the information in the article, saying, “We know how difficult it can be to get out of a financial bind when all the doors seem closed to you. Building good credit is a long-term process and when you’re stuck in a tough financial situation, you don’t have enough time to fix your credit score before seeking help. You can still find help from some sources, but due to your particular situation, it will come with a higher interest rate and other stipulations. When you’re stuck between a rock and a hard place, you have to choose the best option out of those available to you. Choose the type of assistance that best suits your needs, take the opportunity to put the difficult situation behind you and focus on building a solid credit score for when you might need help. help later. We are confident that you will be able to build a secure financial future for yourself with just a little budget and discipline. »
Money Trumpet offers its customers access to financial assistance providers who offer between £100 and £2,000 at fair rates to those with bad credit histories. Customers can quickly apply with a short form at Money Trumpet and receive quotes from multiple service providers within a short period of time. Once a provider approves the request, the client can receive their funds the same day or anytime within a few days.
Readers can also check out another article from the company, which has information for unemployed workers trying to get financial help, by heading to the link: moneytrumpet.co.uk/bad-credit-loans/loans-for-unemployed-people.
For more information about Money Trumpet, contact the company here:
020 3974 1119
5 Mile End Road