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  • FIRST POST
    rolandi
    PLEASE HELP!! I need an UNsecured Personal Loan - but have Bad Credit!!
    • #1
    • 3rd Jun 11, 5:12 PM
    PLEASE HELP!! I need an UNsecured Personal Loan - but have Bad Credit!! 3rd Jun 11 at 5:12 PM
    MSE Official Insert:

    For the latest loans best buys read our Cheap Personal Loans guide.

    ----

    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.
Page 1
    • Tixy
    • By Tixy 3rd Jun 11, 5:16 PM
    • 31,081 Posts
    • 39,468 Thanks
    Tixy
    • #2
    • 3rd Jun 11, 5:16 PM
    • #2
    • 3rd Jun 11, 5:16 PM
    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.
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
  • rolandi
    • #3
    • 3rd Jun 11, 5:26 PM
    • #3
    • 3rd Jun 11, 5:26 PM
    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.
  • rolandi
    • #4
    • 3rd Jun 11, 5:27 PM
    • #4
    • 3rd Jun 11, 5:27 PM
    To add to this, I work, but my salary is very low and I currently have none spare.
  • Apples2
    • #5
    • 3rd Jun 11, 5:29 PM
    • #5
    • 3rd Jun 11, 5:29 PM
    To add to this, I work, but my salary is very low and I currently have none spare.
    Originally posted by rolandi
    How do you think you will be able to repay a loan?
  • rolandi
    • #6
    • 3rd Jun 11, 5:29 PM
    • #6
    • 3rd Jun 11, 5:29 PM
    Are Yes Loans or Wentworth Direct reputable Lenders, would anybody recommend them or to steer clear of them, even in emergency? Please advise, thanks!
  • rolandi
    • #7
    • 3rd Jun 11, 5:30 PM
    • #7
    • 3rd Jun 11, 5:30 PM
    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
    • ged1980
    • By ged1980 3rd Jun 11, 5:36 PM
    • 1,165 Posts
    • 3,967 Thanks
    ged1980
    • #8
    • 3rd Jun 11, 5:36 PM
    • #8
    • 3rd Jun 11, 5:36 PM
    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

  • RichGold
    • #9
    • 3rd Jun 11, 5:36 PM
    • #9
    • 3rd Jun 11, 5:36 PM
    Are Yes Loans or Wentworth Direct reputable Lenders
    Originally posted by rolandi
    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.
  • Spring Time
    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?
  • Saints2011
    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)

    • Tixy
    • By Tixy 3rd Jun 11, 5:38 PM
    • 31,081 Posts
    • 39,468 Thanks
    Tixy
    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?
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
  • rolandi
    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.
  • dmg24
    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'.
  • Spring Time
    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.
    • geoffky
    • By geoffky 5th Jun 11, 7:50 PM
    • 6,605 Posts
    • 9,241 Thanks
    geoffky
    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.
  • Apples2
    £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.
  • Saints2011
    £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.
    Originally posted by Apples2
    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)

  • MrSweeps
    Nobody will lend that sort of money unsecured regardless of your credit history.
    Originally posted by Tixy

    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.
    • Tixy
    • By Tixy 6th Jun 11, 12:28 AM
    • 31,081 Posts
    • 39,468 Thanks
    Tixy
    Hello - not being funny, but I wonder why you say that? Whereas I agree the "bad credit" people have no chance,
    Originally posted by MrSweeps
    You misunderstand my post.

    but an desperate for the loan and need suggestions as to a decent lender please, who will lend, regardless of my credit history.
    Originally posted by rolandi
    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.
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
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