Got bad credit but need a loan fast! Help!

GembobB

Are there any decent 'bad credit loans' out there?

I have applied for a loan with Wentworth Finance which sounded ok but apparently after reading reviews on this company (which I wish I had done first) they are brokers n they pass u through 2 various lenders which still doesnt mean I am going to be accepted! Plus by the sounds of it they have ripped plenty of people off as they charge a £59 'brokers fee'!

Help please!

wayne99

no bad credit loan will be decent, if you have bad credit then there is a chance you may not get a loan from anyone because of your "bad credit".

Do not pay anyone to find a loan for you, these companies are just after a fee normally between £25.00 and £100.00 they will NOT find you a loan, they will not give you a refund unless you hound them for ages, they will tell you lies about how you are 100% accepted and you just need to sign the paperwork, they will tell you the money will be in your account by the end of the week.... all crap iam afraid.

they will also tell you that they need your bank card or bank account details to check your id, this is also a complete lie, they ask for those details so they can debit there brokers fee. DO NOT DO IT.


If you have bad credit it is worth looking through all your finances, finding out where it all went wrong and then working out a strict budget for every month, replacing debt with more debt is not the way to go, the best way to go is to work to a budget each month and use any excess money from the budget to pay off your debts.

If you are debt free i suggest saving, or use the bank of mum and dad rather then a legalised loan shark like provident or simular companies.

i would suggest you pop yourself over to the debt free wannabe board there is some excellent advice on there.

thanks.

GembobB

Unfortunately my fiance had already paid the 'broker's fee' before he told me about being 'accepted' for the loan so we are already £59 out of pocket! Just got to wait and see if they come up with the goods, doubt it though!

Thanks for the advice anyway and I will definetly be taking a look at the 'Debt Free Wannabe' board! :beer:

wayne99

They wont come up with the goods iam afraid, they will more then likely refer you to welcome finance etc or send papers for a company called FLM which is a secured loan (sort of) you would need someone with a good credit rating and a house to act as a guarentor for your loan i would advise you dont do it.

iam sure a broker is only allowed to charge you £5, you will need to write to them and request the fee paid back, they will refund you minus the £5. so if you paid £59 they will only refund you £54 so unfortunatly you will be out of pocket either way take it as a lesson learned.

remember never pay a broker for a loan.

If you are really in need of a loan and you dont have any debts just a bad past with credit look at someone like provident apr is like 150% or something but they will only lend up to £500 cash and its home collected.

welcome finance are nearly out of the picture as there in the financial poop so i wouldnt bother with them

the only other is real personal finance, there a part of provident, but its a standard monthly direct debit loan very high apr though something like 75% and upwards so think long and hard before you look at these types of comanies, now all of these lenders you do not pay a fee to.

all the above companies are legalised loan sharks in my opinion so i personally wouldnt touch them with a barge pole as i made a bad error with welcome about 10 years ago, my advice is to cancel this loan application with who ever the con merchant is and ask for your fee back asap.

ta

wayne.

Apples2

Unfortunately for you it is time to reap what you have sewn.

All those months of missing payments thinking it will be okay have come back to haunt you.

I would forget the idea of getting a loan until you can prove you can manage your funds properly.

Take the advice about the DFW board for help in managing your money more effectively. Good luck