Do you need credit repair help to qualify for personal loans? Some of us are that far into the red that receiving personal loans can at times feel like mission impossible. If you continue to fail credit checks then perhaps no credit check loan lenders providing guarantor loans or logbook loans may be the only option for you. With a guarantor loan the problem you face is that you must be able to find a guarantor who would be willing to offer you that loan backing and with a logbook loan you must have a car that the loan can be secured against. If it so happens that these two options are out of the question for you then just what is the best option to get back on track with your personal finances? Well, the only option from here would be to repair poor credit blips by yourself. There are a number of ways to do this and I thought that I would provide a further suggestion today.

You are probably familiar with the usual guidance that you should work longer hours and pay back debts however you can each week no matter how small, so long as you are showing that you are making an effort to be fully responsible to due debts. What happens if things are much worse than this though and you have recently become bankrupt and now need to start over from scratch? Whatever the scenario, my solution would be for you to take out a prepaid credit card aided by a credit building facility. This would actually work well if you have recently been discharged from bankruptcy and have even lost the right to access your past bank account. As far as I’m aware, there is only one company providing this service in the UK at this time and this is through the Cashplus Gold MasterCard; the specific route you want is to take the Cashplus Gold Activeplus prepaid credit card option.

The Cashplus Gold Mastercard is a no credit check prepaid credit card that anyone can qualify for so long as you are over 18 and live in the UK. The gem with this card is their facility on this account named Creditbuilder. What will happen here is that you will pay 12 monthly instalments of £4.95 (£59.40); I believe there is also a £4.95 application fee and so this would total £64.35. These single payments are bound to a 12 month agreement and two credit reference agencies will be notified when each payment is made, which in 12 months time will generate lots of green ticks on your credit profile. As using this guaranteed prepaid credit card from day-to-day there will be no purchase fees, but there will be 0.99p ATM fees and £3.00 international ATM fees; obviously you can pay wages on the card, pay bills, shop online and so on.

I will be covering bankruptcy loans in another posting, but just to add here that you can still receive no credit check loans such as a guarantor loan or even a logbook loan if you have recently been discharged bankrupt. An issue with receiving these loans after bankruptcy is if you no longer have a bank account and would be unable to make direct debit payments to them. As far as I’m aware, logbook loan lenders allow standing order payments (Cashplus Gold Mastercard prepaid card provide these) and our chosen guarantor lender (Guarantor Loans Online) do, but FLM Loans are a no since they require a UK bank account with direct debit payments. So, whether you wish to qualify for better rate personal loans in the coming future, or perhaps you just want to develop a better credit rating, then you do need to take positive steps forward and Cashplus certainly offer an interesting avenue to pursue.

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