where to get a loan

Bubbles911

Hi I am posting this on behalf of a friend from work. She has a credit card with a limit of £1,250 and an overdraft both of which she says she has had for at least 2 years and always pays off in full but she does have bad credit from about 5 years ago. I looked at her credit score with her and it didnt look too bad, I know the scores dont matter but it was around 708.

A family member lent her money but now needs it back so it has left her in a bit of a hole. She tried her bank but was refused so tried Alliance and Leicester but was refused there too. The loan she needs is £12,000 and she can pay back £400 a month after going through her budget with her. She is considering contacting Welcome finance so I am trying everything to talk her our of it as the last thing she needs are these loan sharks. Can anyone provide advice?

Rafter

She will be very lucky to get anywhere with Welcome - their parent company is in all sorts of problems and I don't imagine they are lending to new customers much right now.

She could try using the money supermarket loan search to see if that throws anything up?

Otherwise it is going to be a tough conversation with the family member that she can't raise the funds.

R.

https://www.moneysupermarket.com/loans/smart-search-questions.aspx?producttypeid=2

thriftymomma

If her own bank is failing her then that is not a good sign I would think. How many searches has she had recently? She may need to wait 6 months and try again.

Bubbles911

Only two searches are showing on her credit report. I am relieved to hear about problems with welcome, I was really worried about her paying their stupid interest and getting in a worse situation because of them so at least I dont need to worry about that.

naijapower

Yes Welcome has stopped lending. There are going thru problems