Getting a loan with a bad credit rating...

JoshThomas

Can anyone please suggest a good loan company that would offer me a short term loan. As mentioned in a previous thread - I defaulted on a card, for which I am paying off now. I have no CCJ's but know I will have a bad credit rating.

I need a loan for roughly £5000, so I can

a) pay off all my existing cards and debt

b) pay off the full amount on the defaulted card early

c) I need the money for a deposit on a flat/moving costs/furniture

I should be getting a bonus in August for about £9k (£6k after tax), which would mean I could clear any debt. But even in the small chance that this did not happen - I can realisticly comfortably payback £2-300 per month.

People have recommended me doing anything but taking the loan out - but I don't mind paying a extra interest if it means I can clear all of my other debts...

Does anyone have any suggestions as to where to look for loan companies that specialise in non homeowners with a bad credit rating?

Rafter

Josh,

Only suggestion is to try your current account provider.

They may take into account how you manage your current account and put less weight on your defaulted credit card.

You should certainly try to 'settle' your defaulted card, although a record will appear on your credit file for a number of years, making it harder to get the best mortgage and loan deals.

Good luck.

R.

asandwhen

wait till august

JoshThomas

asandwhen wrote:

wait till august

One problem I didnt explain here - but did on the other thread is that I have to find £600 for a deposit by the end of February (this includes the first months rent too). But with paying off the other card - I won't be able to afford this...