The facts of borrowing in 2009 are very different from back in 2007, when the world was a wash with cheap credit on easy terms. Lenders were willing to finance peoples consumption of products and services with money that they were yet to earn. Now, post credit crunch, lenders are much more fussy about who they are willing to lend to.

 

If your one of the many people who has ended up with loads of bad credit, you may want to stay away from the finance industry until your bad debts disappear. But now lenders are very keen to see some evidence of regular monthly payments.

No credit check credit cards do not really exist but there are a few credit card lenders that will give a card with a very small limit to virtually anyone that the law allows to have one. As long as you can prove who you are and where you live, these specialist credit card lenders are usually willing to issue a card with a limit of around £250. Their interest rates are usually terrible, but it’s a credit agreement you can use to prove to other lenders that you make regular payments.

Credit cards for people with bad credit must be used sensibly as the interest payments can mount up to a significant amount of money each month.