Bad credit score

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Bad credit score – does if affect applying a personal loan?

So you have had some difficulties in your life and you haven’t been able to pay the invoices. It is more common that you think, so don’t feel shamed. The bad thing about it, is that it has created you a bad credit score. Credit score is a score that banks count for you, when you are applying a personal loan. The worse your credit score is, the worse is your situation to apply a personal loan with a big sum. There is nothing you can do with your credit score, once you have had a bad score, you can’t fix it, but good thing is that you can guarantee the bank (in most cases) with other measures that you are capable to pay the possible loan back within the period determined in the loan contract.


If you have a bad score, it is more difficult to get a big loan. But if you apply it together with, for example, your fiance, the chance to get a good loan with reasonable payback time and monthly costs, rise dramatically. Also if you have a good salary, car, now children and your life seems stable, the chances rise. So it is not all about the credit score, but is one of the major factors when you are applying for personal loan. It might also affect the interest rate. So, you can get a big personal loan, but the interest rate that you have to pay, is bigger than what it would be if you had a good credit score.


Don’t feel shamed applying for personal loan even if you have a bad credit score. Often banks are happy to get new customers, even if they have had financial troubles in the past. We all do mistakes, so don’t worry that you can never buy nice house or a car you have dreamed of. If one banks says No, you can still walk to another bank and another bank, once you have found a bank that is willing to give you money.