Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    gingerkay
    need a loan without a broker... can anyone help?
    • #1
    • 6th Mar 14, 3:58 PM
    need a loan without a broker... can anyone help? 6th Mar 14 at 3:58 PM
    Hi,

    I am currently looking to get a loan but I dont have particularly good credit and I am not a home-owner.

    I don't want to use a broker as I only seem to read bad things online about them, I have just spoke to castle finance direct and they said they want £79 but won't take it until my loan hits my account. Does anyone have experience with this company?

    Can anyone suggest a loan company for someone with poor-ish credit that does not want upfront fees?

    Thanks!
Page 1
    • Clive Woody
    • By Clive Woody 6th Mar 14, 4:00 PM
    • 4,359 Posts
    • 4,984 Thanks
    Clive Woody
    • #2
    • 6th Mar 14, 4:00 PM
    • #2
    • 6th Mar 14, 4:00 PM
    Hi,

    I am currently looking to get a loan but I dont have particularly good credit and I am not a home-owner.

    I don't want to use a broker as I only seem to read bad things online about them, I have just spoke to castle finance direct and they said they want £79 but won't take it until my loan hits my account. Does anyone have experience with this company?

    Can anyone suggest a loan company for someone with poor-ish credit that does not want upfront fees?

    Thanks!
    Originally posted by gingerkay
    Did you give them your card details? Is so then the money will already be gone.
    Rugby Union - The Greatest Game
  • gingerkay
    • #3
    • 6th Mar 14, 4:02 PM
    • #3
    • 6th Mar 14, 4:02 PM
    No, as I didn't know anything about the company I haven't given them any card details
    • Clive Woody
    • By Clive Woody 6th Mar 14, 4:45 PM
    • 4,359 Posts
    • 4,984 Thanks
    Clive Woody
    • #4
    • 6th Mar 14, 4:45 PM
    • #4
    • 6th Mar 14, 4:45 PM
    No, as I didn't know anything about the company I haven't given them any card details
    Originally posted by gingerkay
    That's good as these brokers are bad news.

    More information needed. When you say "I dont have particularly good credit" - how bad are you talking? No credit history, missed/late payments, defaults, CCJs, IVA...?

    How much do you currently owe, how much do you want to borrow, how much do you earn?
    Rugby Union - The Greatest Game
    • Monkeyballs
    • By Monkeyballs 6th Mar 14, 4:56 PM
    • 1,850 Posts
    • 4,768 Thanks
    Monkeyballs
    • #5
    • 6th Mar 14, 4:56 PM
    • #5
    • 6th Mar 14, 4:56 PM
    Hi Gingerkay,

    I don't want to come over as being preachy but do you really need a loan? Is it for something urgent?

    If you're having debt problems then why not check out the Debt Free Wannabe forum for help and advice?

    If you really need cash urgently how about selling or pawning something? If you really need a loan do you have a local credit union?

    If you're in debt and have bad credit then the last thing you need is more debt...

    MB
    StepChange DMP - £8092.13
    Sealed Pot Challenge 7: # 257 2014 is my first year
    Roadkill Rebels 2014: # 65 £34.83 PAD 2014 - £340.17
  • gingerkay
    • #6
    • 6th Mar 14, 5:27 PM
    • #6
    • 6th Mar 14, 5:27 PM
    I dont have bad credit exactly I have just never borrowed before so I am stuggling to find somewhere that will lend to me now.

    I want to borrow £4000 and I earn £1300 a month after tax £1700 with overtime.

    I can afford he repayments as I earn fairly well, but I dont want to pay up front fees.

    And I currently dont owe anything.
    • fozmcfc
    • By fozmcfc 6th Mar 14, 5:34 PM
    • 2,989 Posts
    • 2,180 Thanks
    fozmcfc
    • #7
    • 6th Mar 14, 5:34 PM
    • #7
    • 6th Mar 14, 5:34 PM
    Your own bank, if they say no, then it's unlikely anywhere else would offer a loan, as they will know your finances better than anyone else.

    You might have to build up a credit history first, by taking out a credit building credit card with Vanquis, Capital One or a Barclaycard Initial.

    The bank could refuse definitely, if you are not on the electoral role and/or if you are constantly in an overdraft or have no money left at the end of the month.
    • Monkeyballs
    • By Monkeyballs 6th Mar 14, 6:41 PM
    • 1,850 Posts
    • 4,768 Thanks
    Monkeyballs
    • #8
    • 6th Mar 14, 6:41 PM
    • #8
    • 6th Mar 14, 6:41 PM
    Exactly as Fozmcfc says...

    I've never used them and you might want to check them out first and get feedback from others on this site but you could look at Zopa.com?

    I honestly don't know how they work, I've just heard their name bandied around so you'll need to do a bit of homework

    MB
    StepChange DMP - £8092.13
    Sealed Pot Challenge 7: # 257 2014 is my first year
    Roadkill Rebels 2014: # 65 £34.83 PAD 2014 - £340.17
  • gingerkay
    • #9
    • 6th Mar 14, 8:48 PM
    • #9
    • 6th Mar 14, 8:48 PM
    Thank you for your replies. I did try my bank but I was refused, i think it is unfair that no credit history can be just as bad as a bad credit history.

    zopa was the first place i tried asfter doing a little research, but I though I would get rejected and I was as it states that you must have a goood credit history to borrow from them.

    there must be a company out there that would lend to someone with no credit history?
    • zx81
    • By zx81 6th Mar 14, 9:31 PM
    • 12,678 Posts
    • 12,936 Thanks
    zx81
    i think it is unfair that no credit history can be just as bad as a bad credit history.
    Originally posted by gingerkay
    Not really. It's the same as brand new drivers. Just because they've never had an accident, doesn't mean they can drive well.

    It would be worth getting a credit card, using it responsibly for a while and then think about reapplying for a loan once you've established some history. But it will take a while.
    • bigadaj
    • By bigadaj 6th Mar 14, 10:09 PM
    • 9,581 Posts
    • 6,096 Thanks
    bigadaj
    OP - are you in the electoral roll, that can be a. Massive barrier to getting credit if you aren't on it.
    • PeacefulWaters
    • By PeacefulWaters 7th Mar 14, 6:01 AM
    • 6,697 Posts
    • 8,226 Thanks
    PeacefulWaters
    Address stability.
    Employment stability.
    Voters roll.
    Pay salary into bank.
    Pay all bills on time.

    Sooner or later your bank will almost certainly lend to you. Maybe only by overdraft or credit card with a small limit. Maybe a loan for less than you'd want. But you'll get there.

    In the meantime save up. It proves you can afford monthly payments.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,357Posts Today

7,271Users online

Martin's Twitter