You can count divorce as one of the most traumatic experiences in your life. Perhaps if your split is fairly amicable, then the actual divorce process is not that stressful. However, when it comes to divorce and finances, this is a whole new ball game. This article is intended to help you understand what to do if you are going through the hell of a divorce, but you have bad credit and need a loan to sort out your finances.
You will usually receive a quote from your solicitor which will give you an idea of how much it will cost to sort out your financial matters. But in the current economic climate it is all to familiar a story that many couples and indeed individuals have bad credit. If you don't have sufficient funds to clear a divorce settlement, then you know that you will need a loan.
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The main problem you will encounter if you have bad credit and need a loan is the lack of enthusiasm shown to you by banks and lenders. Many high street and main stream banks will not want to lend any money to someone with a poor credit rating. This, of course, can immediately stop you from sorting out your divorce and finances.
I'm sure you will be offered a loan by numerous lenders, however many of these are just not what they seem. There are many institutions who will lend money to those of you suffering adverse credit, but you may find the terms and conditions of your loan leave a lot to be desired. Astronomically high interest rates, excessive fees and charges and a high monthly payment that seems to be never ending.
I would advise that if a lender has unrealistic expectations when if comes to interest rates and charges, you should steer well clear. There is no point in trying to sort out your divorce finances with a lender that is going to charge extortionate rates. This will simply put you in a far worse position than when you started.
My suggestion is if you do need to sort out the financial aspects of your divorce and you have bad credit and need a loan, you would be best off contacting an intermediary bad credit loan company. These companies can offer you a choice of lenders who solely deal with applicants who have a less than perfect credit history. They will usually do a lot of the leg work for you. You simply need to provide your financial details, proof of your income and expenses and the company will liaise with these bad credit lenders in order to find the best deal for you!
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