Yes, even those with bad credit can be approved for loans. A history of having had bad credit is much less important than not having dealt with the past debt that they made late payments on.
Once you have dealt with bad debt, you can finally begin to recover from it. So how do you deal with bad debt? Well there are a number of ways.
If the amount of the debt would be surmountable, if your creditor were to reduce it, you could propose a settlement to your creditor.
If the amount of the debt is in surmountable you could also consider speaking to a trustee in bankruptcy about viable proposal and bankruptcy options.
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You could also speak with friends and family to see if you can raise the money privately to deal with the debt.
If you have bad credit, good income and job stability but the debt is less than $5,000, there are finance companies in Toronto that may help you with a small consolidation loan.
Once you have dealt with your past bad debt you can begin to rebuild your credit. You present less of a threat to potential creditors having demonstrated that you didn't just default on your debts, but in fact you resolved them.
It is true that since the recession there are much less options for a consumer who has had problems with credit. It is also true that the recession has shown the financial industry that individuals who have had credit problems during this period, didn't simple "choose" to go into default and that the economy was a large factor.
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