Boyfriend has bad credit history but needs a loan please help?

blondy24

Hello - my boyfriend has bad credit history however I do not want to get another loan in my name (I have already have one) so he wants to get one in his name to pay off some of our debt. He has tried applying for yes loans but they rejected him today. Does anyone know of any companies that will give him a loan. Please help as we are in desperate - need of inspiration.

Thanks

asandwhen

blondy24 wrote: »

Hello - my boyfriend has bad credit history however I do not want to get another loan in my name (I have already have one) so he wants to get one in his name to pay off some of our debt. He has tried applying for yes loans but they rejected him today. Does anyone know of any companies that will give him a loan. Please help as we are in desperate - need of inspiration.

Thanks

I think if he is getting rejected by Yes loans then he has no chance of getting any sort of unsecured loans - The main lenders for bad credit are Welcome finance, provident (think this is £800 max), Black horse finance and citi bank. I would be very suprised if he was accepted after being rejected by Yes loans though -

CLAPTON

a loan is probably the last thing you really need ... best to sort out the reasons you are struggling rather than adding more borrowing.
go over to the debt free wanabe board , read the stickies for new members and post up a SOA there.

Debt_Free_Chick

blondy24 wrote: »

he wants to get one in his name to pay off some of our debt.

But a loan doesn't pay off your debt - it just swaps it from one lender to another. If he borrowed £5k and paid off £5k of credit card debt, he'd still have £5k of debt, on the loan.

If you are struggling to make ends meet and pay off debts, have you posted on the Debt Free Wannabe board?

HeadInSand_2

Debt_Free_Chick wrote: »

But a loan doesn't pay off your debt - it just swaps it from one lender to another. If he borrowed £5k and paid off £5k of credit card debt, he'd still have £5k of debt, on the loan.

If you are struggling to make ends meet and pay off debts, have you posted on the Debt Free Wannabe board?

I'm guessing she meant pay £5k off overdue debts. But still a bad idea, the APR will get increasingly worse. DMP sounds like the way forward.

Yorkshire-lad400

blondy24 wrote: »

He has tried applying for yes loans but they rejected him today.
Thanks

Did your boyfriend pay Yes Loans an "admin" fee of about £60? If so and they can't find him a loan (they are brokers not a loan company) he's entitled to a refund. Of course they don't want to give the money back - so for good information on getting his money back email me on [EMAIL="Yorkshire-lad400@hotmail.co.uk"]Yorkshire-lad400@hotmail.co.uk[/EMAIL]