Help! Bad credit score - loan??

mad-moo00

I am currently looking for a loan of £8500 to pay off my existing loan and credit card i have. I owe about £850 on the credit card and £4500 on the loan. I'm taking alittle extra out as i need to do some home improvements. The thing is, i have a bad credit score, only through applying for too much credit like an idiot! I have never made any late payments and all my accounts are satisfactory...does anyone know a legitimate company who may offer this to me at all?

Snowminx_3

wish i could help you but it seems whenever anyone asks for loan help or loan company names no one replys as i come here to look for non-rip off companies!

Good luck

jonesMUFCforever

If OP has bad credit score then getting a large loan in today's circumstances will be difficult.
If his bank will not help him I would give up for now - forget the home improvements for 6 months and try to clear the credit card as soon as possible.

vaporate

jonesMUFCforever wrote: »

If OP has bad credit score then getting a large loan in today's circumstances will be difficult.
If his bank will not help him I would give up for now - forget the home improvements for 6 months and try to clear the credit card as soon as possible.

Agree. getting a loan to pay off another loan is a sign of a spiral disaster.

CHR15

Snowminx wrote: »

wish i could help you but it seems whenever anyone asks for loan help or loan company names no one replys

If you spend a while thinking about the question, you will soon see just how impossible it is to answer.

e.g. I have loads of debt, I can't manage the repayments, Who will lend me even more money at a really low interest rate??

Do people expect a magical company name to appear who won't rip people off and lend big for little profit?

The best advice is already posted on replies if you look at other posts instead of asking the same question. Credit Unions seem to come out on top as reasonable money lenders, but people need to save with them first.

The very best advice though, is NEVER pay an up front fee.

It doesn't help though, the most common theme on the loan boards must surely be," I paid my fee but have not received a loan".

Taylor_H

Hi,

There are many organizations that provides loans for you. It is important to realize that even the most beneficial bad credit loans can come with stiff penalties if payments are missed.

woody01

mad-moo00 wrote: »

I am currently looking for a loan of £8500 to pay off my existing loan and credit card i have. I owe about £850 on the credit card and £4500 on the loan. I'm taking alittle extra out as i need to do some home improvements. The thing is, i have a bad credit score, only through applying for too much credit like an idiot! I have never made any late payments and all my accounts are satisfactory...does anyone know a legitimate company who may offer this to me at all?

It's tough enough for someone with good credit to get a loan at the moment, let alone someone with bad credit.

vaporate wrote: »

Agree. getting a loan to pay off another loan is a sign of a spiral disaster.

Absolutely 100%.