With the economic conditions these days it is not surprising that many of us are feeling the pinch.
The average weekly pay for someone employed full-time here in the UK has grown slightly in the last couple of years, but is still only £457. And we all know how much (or little!) that will buy a busy household.
Average earnings at the top and the bottom
To make matters worse, some people are earning twice that. The top 10 per cent of those of us on wages earned more than £906 per week. But to bring us down to earth again, it should be pointed out that the bottom 10 percent earned less than £252 a week.
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So it is not surprising that many of us ordinary working people are feeling pressure on our bank accounts and wage packets. This amount of money doesn't go a long way today, as you know.
Reason we sometimes can't repay a loan
So it is not surprising that some of us have to miss an occasional monthly repayment on our credit card or hire purchase agreement. To miss is just so easy, and there are many compelling reasons to do this.
Unfortunately, avoiding the pain of finding the money to repay our creditors this month by letting them slip -- even sometimes -- is not a good thing in the long run. It can bring you more pain than you might realize at the time.
When we occasionally fall behind in these payments, banks will know. They look carefully at our record of loan repayments (a credit card agreement is, basically, an ongoing loan repayment scheme) and are quick to ignore our otherwise good record and penalize us if we've developed a so-called bad credit history. Their favourite penalty is to refuse to lend to you.
Where to get a loan -- when times are tough for you
But fortunately there are other lenders. The day when the big banks and larger financial institutions had it all their way and made us dependent on them has now gone. Nowadays you can borrow from others. And it is safe and easy to do when you have made contact with these smaller, more sympathetic lenders.
These lenders are smaller than the high street banks and major finance institutions. That means they are more in tune with what ordinary people, like you feel and experience. They are more agile; often adjusting more quickly than the banks. Further more, some kinds of loans will come cheaper through these smaller lenders because they have far fewer institutional costs.
Having said that, a bad credit loan is a risk to both these friendlier, smaller players and the big banks. There will be negotiating to be done and some belt tightening to do on your part. (Something you are no doubt ready to do it if it means getting your bad credit loan.) But where a bank is probably going to turn you down outright, just because of some difficulties you faced in the past, the smaller lenders will sit down with you and find a way to make it work.
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