Bad Credit loans...

beebop23

I need some help. I have really bad credit and unfortunatley had to resort to payday loans last month but i am now looking for a loan from a company who will accept this month end money situation i felt compelled to take. Does any1 know of any lenders who can help. Real personal finance and EDL cannot help:( If i got this small loan i need i could be on my way to being debt free and sort myself out.

I refuse to go to a broker as i dont want to lose 40-60 quid for some fees to be told no.

thanks.

dboughtwood

sorry to hear your situation but out or curiousity why were you rejected by Real personal finance as i thought they loan to anyone ???

beebop23

because i used payday uk and quick quid. they said as i have to resort to that they cant trust me to be able to repay their loan. its so daft though because I know they cannot trust my word but i would definitely not be using these resources again if i can help it. but if i cant get a loan im going to have to i think.

Royal01

Unfortunately (maybe!), Real don't loan to anyone. Although they are prepared to accept more risk, they still won't loan if they think the risk is too great.

Apparently, they were worried about my debt to income ratio so refused me...

beebop23

I just think its rubbish that I know i will sort myself out with this 1 loan and i cant get it. i cut up my visa etc have managed to downgrade my bank account so as not being able to set up direct debits and standing orders so that everything i do is cash only. even my bank loan is paid cash rather than d/d. I hate that im trying and getting nowhere and only glad im not the only one in this position.

sazzie_sue

Hi,

Maby try your local credit union intrest is great and they incourage you to save have copied you some info about them I left in another thread -

Credit unions are a great idea, they encourage you to save as well as borrow. You can join if you live or work in the local area and most local areas do have one or if your company are a member or if a member of your family have joined

They work by opening you an account which you must have something regularly paid into so for example having child benefit or working tax credit is a good idea so they can see you are saving, but you can still draw this money out if needed, After they see two consecutive payments go in you can apply for a loan.

The max amount you can take for a first loan is £250 and they do not lend on your credit score but your ability to pay (so they say) but once you build up a good relationship with them and show you can pay off your loan you can apply for more each time and interest rates are very low but you must show you have some income going in.

The down falls are - If you are looking to consolidate or for a loan of a few grand you will not get this you have to buld on your relationship with them first, you must have an income paid in to be able to borrow, they can take a long time to decide on loans up to 2 weeks sometimes, and you have to go into their office to draw the money out (not sure about currant accounts) and some local offices only open afternoon.

But if your looking for a regular way to borrow and save at the same time without paying the crazy prices of doorstep lenders credit unions are a brill idea.

If you are trying to pay off payday loans best to try get some payment plans arranged as once you start borrowing one to pay another to can end up in circles, is should know LOL- if just a small loan ur looking for try the credit union u can biuld up on borrowing more.


Hope this Helps!

SS!