When you have poor store credit, buying the things you need on finance can be a nightmare. Whilst you know that you can afford to pay the amounts back in monthly or weekly installments, often the banks or lenders don’t trust you because of your credit rating.
This can be a real issue when you need essential items like living room furniture, so how can you get around the issue of poor store? We’re taking a look at what you can do if you need to get furniture but have poor store credit, to help you buy the living room essentials you need.
Borrow Small Loan Amounts
There are many great living room furniture items that aren’t too expensive. If you have poor store credit, often you will still be able to borrow with Fair For You, but you might need to borrow less. It’s a lot easier to agree to smaller loan amounts (less than £350) as it’s more likely that you will be able to pay it back. Ultimately, we want to lend you money that you can afford to pay back, to reduce any financial stress.
Take a look at cheaper items of furniture for your living room such as the Kiaora Sofa Bed, or the Corona Coffee Table which are both very reasonably priced. You may also want to look at smaller items that can add style and comfort to your home without breaking the bank.
Items like Rugs and Bookcases are perfect for adding character to your home within a tight budget.
Be Honest About Your Situation
When you apply for a loan with Fair For You, you will be asked a series of questions about the current financial situation that you’re in. The best thing you can do is be totally honest and answer the following questions to the best of your ability.
- Name, Address and contact details
- National insurance number
- Average monthly income
- Child or monthly benefits income
Once we have this information about your income, we can assess whether the amounts that you want to borrow are realistic. Many people are declined loans not because of their poor store credit, but because they have entered the information incorrectly or tried to lie in order to borrow cash.
Improve Your Credit Rating
At Fair For You, we do a credit check and if you are currently struggling with debt it is harder for us to lend to you. However, our decision isn’t only based on credit history, meaning that we have been able to help lots of people with poor store credit in the past.
We like to look at what kind of payer you are now and the likelihood of you being a good payer in the future to help us decide whether your application is solid.
In fact, we like to help people with poor store credit, as you can improve your credit rating by making monthly payments on time. If you find yourself in a better financial position, you can even overpay which looks great and will help you borrow money in the future.
Seek Debt Advice
If you’re really struggling with poor store credit and are in a position where you can’t pay your current creditors back, you may need to seek debt advice. Our loan eligibility is based on a number of factors, so don’t be put off applying. However, if you do find that you are rejected it can be beneficial to seek debt advice to try and organise a payment scheme before you try to borrow more money.
There are also other options, like looking at grants and benefits you could be entitled to using Turn2Us. You can also check your credit rating for free using Noddle.
Remember, even if your credit rating isn’t great, you can still borrow from Fair For You, so why not take a look at our loan application walkthrough video to understand the process? You can also read our FAQ’s for extra help on how to buy living room furniture with poor store credit.