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PLEASE HELP!! I need an UNsecured Personal Loan - but have Bad Credit!!
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# 1
rolandi
Old 03-06-2011, 5:12 PM
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Default PLEASE HELP!! I need an UNsecured Personal Loan - but have Bad Credit!!

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Hi Guys

Can anybody please advise a reputable loan company in the UK that will consider offering an UNsecured personal loan for approx 12,000, even though I have a bad credit history?

I understand that the interest rate repayable will very likely be much higher than usual, but an desperate for the loan and need suggestions as to a decent lender please, who will lend, regardless of my credit history.

Thanks guys! Please help me

Last edited by MSE Andrea; 01-11-2013 at 8:56 PM.
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# 2
Tixy
Old 03-06-2011, 5:16 PM
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Nobody will lend that sort of money unsecured regardless of your credit history.

Can you give some more information as to what you mean by a bad credit history (are you talking about a few late payments or CCJs and defaults) and what you need the money for and people might be able to suggest other options.
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# 3
rolandi
Old 03-06-2011, 5:26 PM
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Hi Tixy, thanks for your reply. I very urgently need the money for mostly a trip to see an ill relative soon who lives overseas.

I have had a couple of defaults, with just one left outstanding and lots of late payments on credit cards. Also a couple of late mortgage payments. I've received CCJ letters before, but I have always agreed a payment arrangement and never had to go to Court etc.
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# 4
rolandi
Old 03-06-2011, 5:27 PM
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To add to this, I work, but my salary is very low and I currently have none spare.
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# 5
Apples2
Old 03-06-2011, 5:29 PM
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Quote:
Originally Posted by rolandi View Post
To add to this, I work, but my salary is very low and I currently have none spare.
How do you think you will be able to repay a loan?
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# 6
rolandi
Old 03-06-2011, 5:29 PM
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Are Yes Loans or Wentworth Direct reputable Lenders, would anybody recommend them or to steer clear of them, even in emergency? Please advise, thanks!
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# 7
rolandi
Old 03-06-2011, 5:30 PM
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Apologies for not being very clear. I would repay a loan out of my salary, monthly over a number of years (I have worked out an amount I could repay monthly). But I don't currently have enough spare to pay for the entire trip etc, is how I meant.

Last edited by rolandi; 03-06-2011 at 5:36 PM. Reason: incomplete entry
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# 8
ged1980
Old 03-06-2011, 5:36 PM
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12 grand to fly overseas? i knew fare's had went up but by that much?
If you dont like me remember its mind over matter, I dont mind and you dont matter

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# 9
RichGold
Old 03-06-2011, 5:36 PM
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Quote:
Originally Posted by rolandi View Post
Are Yes Loans or Wentworth Direct reputable Lenders
By reputable, do you mean they will not bother you when you fail to repay what you've borrowed? As that is not the definition of reputable.
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# 10
Spring Time
Old 03-06-2011, 5:37 PM
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I really can't see anyone lending that kind of money given your history, sorry You will find sites that will promise you that they will find a lender and most likely ask for a small fee for this. Then they will come back with (IF) any that have stupid terms, such as needing a guarantor and willing to lend 1000 with stupid amounts to repay. I know as we fell for this about 9 years ago! Maybe things have changed?

12k to travel abroad is such a lot of money, we can do a holiday abroad for a family of 4 for 2 weeks for under 2k. Are you sure you need that much?
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# 11
Saints2011
Old 03-06-2011, 5:37 PM
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People don't learn
Can I find out my credit score?
You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)

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# 12
Tixy
Old 03-06-2011, 5:38 PM
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Even places like Yes will assess your affordability for a loan and work out what you can afford. Not even bad credit places like this would be likely to lend anymore than half your income as an absolute maximum. And if you already have other outstanding debts on cards or anything this will further diminish what they would be likely to lend.

The APRs for these types of companies are bad - and if you miss a single payment the charges & interest very quickly spiral out of control. Personally I would steer clear of them even in an emergency.

Surely a visit to a relative can be done for a lot less than 12k whereever they are in the world? Are there no relatives who could help you out financially with making your trip?
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# 13
rolandi
Old 03-06-2011, 5:42 PM
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Thanks ged1980, No, the loan is to cover a number of urgent things, but the trip is just the most urgent of them (although they are all pretty urgent!). I also need to buy a second-hand car for my work amongst other things.
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# 14
dmg24
Old 03-06-2011, 5:44 PM
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Can you elaborate on what the 12,000 is to cover? Perhaps we could help you prioritise, as 12,000 seems a great deal for 'urgent things'.
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# 15
Spring Time
Old 03-06-2011, 5:46 PM
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Oh so its not just the trip for the sick relative?

I'm sorry but I don't think you are going to get your 12k Loan. Have you tried the debt free wannabe board? You can post your info there and people will help you see where you can make savings and help to make sure you are getting all that you are entitled to.
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# 16
geoffky
Old 05-06-2011, 7:50 PM
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i would be able to run a marathon before you would get a 12k loan..both are not going to happen..
It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
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# 17
Apples2
Old 05-06-2011, 9:06 PM
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12k to someone about to flee the Country leaving behind a handful of defaults, lot's of late payments and a few missed mortgage payments??

12k to someone with a low paid job with none spare??

The lenders will be queuing up. You'll have to sell stuff, a loan is not forthcoming.
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# 18
Saints2011
Old 05-06-2011, 9:10 PM
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Quote:
Originally Posted by Apples2 View Post
12k to someone about to flee the Country leaving behind a handful of defaults, lot's of late payments and a few missed mortgage payments??

12k to someone with a low paid job with none spare??

The lenders will be queuing up. You'll have to sell stuff, a loan is not forthcoming.
Haha
Can I find out my credit score?
You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)

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# 19
MrSweeps
Old 06-06-2011, 12:11 AM
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Quote:
Originally Posted by Tixy View Post
Nobody will lend that sort of money unsecured regardless of your credit history.

Hello - not being funny, but I wonder why you say that? Whereas I agree the "bad credit" people have no chance, there are a multitude of mainstream lenders offering up to 15k at representative 8%-ish who will do this no problem today. I know this as I've taken a Santander (previously A&L) loan for 15k over 3 years, every 3 years as I change my car every 3 years. The latest one (my third) for 15k is at 10.2%, is clearly not as good as the last at 7.9% I got, but in real terms the repayable amounts at the best and worst interest rates is negligible.

Santander, HSBC, and Barclays (to name but a few mainstream lenders) can, and do, offer unsecured up-to-25k loans at decent 10%-ish rates for up to 25k, so to state that "nobody" will offer these isn't correct.
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# 20
Tixy
Old 06-06-2011, 12:28 AM
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Quote:
Originally Posted by MrSweeps View Post
Hello - not being funny, but I wonder why you say that? Whereas I agree the "bad credit" people have no chance,
You misunderstand my post.

Quote:
Originally Posted by rolandi View Post
but an desperate for the loan and need suggestions as to a decent lender please, who will lend, regardless of my credit history.
Nobody will lend the OP that money "regardless of credit history" that being a quote from his own post. Any lender for this amount of money will take credit history into account.
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