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Unemployment Financial Service Money Trumpet Provides Assistance To Those With Bad Credit

Unemployment Financial Service Money Trumpet Provides Assistance To Those With Bad Credit

Financial services company Money Trumpet has published an article that details some of the ways that those with bad credit in the U.K. can become eligible for financial assistance to cover unavoidable emergency expenses.

The blog post says that getting financial assistance when one has bad credit is a difficult, frustrating, and time-consuming process. The blog post also points out the irony that those with bad credit are the ones who generally need the money the most while at the same time they are also the least likely to get the help they need.

When looking for assistance from a financial services provider, the first step that the article recommends is to check one’s credit rating with one of the U.K.’s leading credit bureaus. If the rating is anything below “Good”, then the person is likely to face an uphill struggle trying to secure the help they need. One way to improve the credit score is to monitor it periodically and to take steps to improve it preemptively.

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Money Trumpet can help U.K. residents who are over 18 years of age, have a bank account with a debit card, and have a regular income apply for three kinds of financial assistance: personal, secured, or guarantor.

Personal financial assistance does not need any security in the form of the person’s assets or belongings such as a home or a vehicle. Since there is no form of security, these products come with strict limits, high-interest rates, and shorter terms. For an applicant with bad credit, this is the most difficult option to secure.

Secured financial assistance can be availed of if a person places an asset of equal or greater value up as a security or collateral. This allows the service provider a layer of protection and allows the applicant to avail of a significantly higher amount of money at lower interest rates. If the applicant fails to meet their monthly payments, the service provider can seize whichever asset was used as security.

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Guarantor-backed financial assistance requires a second person to sign the agreement stating that they will pay the amount back on the applicant’s behalf if they fail to make repayments. It allows applicants to avail of more resources over a longer repayment term than unsecured personal assistance. Guarantors need to be at least 21 years old, have full-time employment, and have a solid credit rating.

A spokesperson for Money Trumpet commented on the information in the article by saying, “We know how difficult it can be to get out of a financial bind when all doors seem closed to you. Building good credit is a long-term process and when you are stuck in dire financial straits you don’t have enough time to fix your credit score before applying for help. You can still find help from some sources, but due to your particular circumstances, it is going to come at a higher interest rate and with other stipulations. When stuck between a rock and a hard place, you have to pick the best option out of those available to you. Pick the type of assistance that matches your needs the best, use the opportunity to put the difficult situation behind you, and focus on building a solid credit score for when you might need help again further down the road. We are confident that you will be able to build a secure financial future for yourselves with just a little budgeting and discipline.”

Money Trumpet provides its customers access to financial assistance providers who offer anywhere from £100 to £2000 at fair rates to those with poor credit history. Customers can quickly apply with a brief form at Money Trumpet and receive quotes from multiple service providers within a short period of time. Once a provider approves the application, the customer could receive their funds the same day or at any time within a few days.

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