Military Loans Bad Credit
Consumers that have either missed or made late payments on credit agreements will find it difficult to get a bad credit personal loan. This is because lenders will register this with credit reference agencies. A bad credit rating can make getting a personal loan very difficult for those with money problems.
Credit Card Cash Advance vs. Bad Credit Personal Loans
When a personal loan is not possible due to a bad credit rating, a consumer can use their existing card to get a credit card cash advance. This involves either making a withdrawal from a cash machine or using a credit card cheque. Most card providers will allow someone to use a percentage of their credit limit in this way, although it will be subject to a higher APR and further transaction charges.
Leading price comparison site, uSwitch.com, estimates that 7.3 million individuals are currently using credit card cash advances and 1 million people are using them to cover personal loan and mortgage payments. They also estimate that the average APR for cash withdrawals 29.97%. Whilst still a high APR, a credit card cash advance is a vastly cheaper alternative to a conventional bad credit personal loan.
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