Loan Advice - Average Credit Rating

Dave.P_4

Hi folks, I'm new to the site, and I was just wondering whether someone can point me in the direction of a loan which could solve a couple of financial headaches for me. The only slight downside is that, while I earn a reasonable sum and have sufficient expendable cash to pay back the loan, my credit rating appears to be holding me back.

I'm 27, live in a furnished, rented flat, but have moved several times in the past few years (as is the norm for people my age). I have recently placed myself on the electoral register at my latest address, which may hopefully go some way to remedy this.
Unfortunately, due to a mistake on my part (closing a bank account down and not redirecting a DD) meant that I missed two payments on my credit card around 4-5 months ago (minimum payment is £15ish, so hardly bank-breaking, but stupid nevertheless).

I had a request for the loan amount turned down by my bank (Barclays), despite the advisor agreeing that it was a perfectly reasonable request, given my finances. I fear that this may have jeopardised my chances of getting a loan at all, but am not really sure.
I have taken a look into my Experian/Equifax report, and it shows no CCJs or "major" defaults.

In short, I need to borrow £10,000 over a period of six years (although it is unlikely to run that long). I am not hugely bothered about looking for the lowest possible interest rates, merely a rate which provides monthly repayments which are in line with what I am looking for. Ultimately, I need to find a company who can offer loans to people in my situation (moderate-to-poor ratings, but with sufficient income to pay), without any house equity to balance against it.

Can anyone possibly help?

Many thanks in advance.

Rafter

Dave,

Depends what your other debts and income are. Although the payments may be affordable in your view, banks have lost so much in bad debt from customers with your profile that you will just get lots of NOs.

£10k in one lump sum and over a long period like 6 years, might be the problem too as will what the loan is for.

Paying the minimum on your credit card is not a good move too if it means your ratio of credit to available credit is high. Lenders tend to worry if you are using all of your credit card limit and want to borrow lots more.

Good luck

R.

Dave.P_4

Rafter - Thanks for the reply. Regarding the credit card minimum payment issue, I take your point on that, but the balance is relatively low, so therefore I didn't personally see it as a major problem.
Are there banks/institutions out there who specialise in lending to people with adverse credit scores (such as mine)?

michael1983l

I just got a loan with Tesco and my credit score is Fair almost slap bang in the middle. It was for 7k