When it comes to major financial issues, the real issue behind it a lot of the time is simply because there isnt enough help available. Yes, there are banks and overdrafts and everything else, but if you are viewed as unreliable on paper, it is going to give you so many hurdles to jump over before you get yourself financially stable. So, what is the best way to get around these types of issues, where you are viewed as a liability? It self-perpetuates itself because if you need to borrow money, then by being turned down for a cash injection means you will spiral further into debt. What is the answer? Firstly, before anything else, there is always free debt advice where they can advise the best course of action for you. We all have individual circumstances, and the more a debt advice organization knows about your spending habits, the more they can help you directly. For those that need a few options, here are some popular ones.
Loans are a mixed bag, and a lot of people who are deemed unreliable in the eyes of the banks can still get a loan. There is what is called guaranteed loans available. This might not be as clear cut as the name suggests, but there are organizations that offer loans despite a poor credit history, and you can find out more on guaranteed loans at this link. For loans, make sure to look at the repayment rate and the length of the term. There are long and short-term loans, so you need to find out what suits your financial situation. The temptation to get a big loan with a shorter term means that you may be paying a higher interest. Another option is to get a basic bank account, this is, as the name would suggest, a no-frills version of a current account. They only come with a cash card and most do not offer an overdraft facility or a debit card. While a lot of the basic bank accounts dont require you to put in a minimum amount per month, they can charge large fees for unauthorized use.
For those that have a habit of spending a lot, a way to keep your habits in check, you can apply for a prepaid card, which is similar to a basic bank account as they dont offer you credit. For those that have a bad credit history, these are ideal because you dont get credit checked as part of the application. You can opt to have your wages paid onto the card, and you can top up the card as you need. But you can get charged fees for topping up or spending on the card, which can bump up the cost, although if you think about what you could use the card for and spend sensibly, it can be a good way to build up your credit score.
Making changes in how you spend your money is the option that will achieve the most results, but for those that need some sort of cash injection or a way to spread out their costs, these can help.