Genuine "sub-prime" loans i.e. not a complete con?!

rrrrr

Hi

Apologies if this is in the wrong place...

After reading several horror stories about various poor-credit / sub-prime brokers etc I am look for any advice or info on obtaining a small loan.

I'm unable at present to apply for mainstream credit as British Gas just slapped me with a default notice for £180 on a disputed account (another story in itself...)

So..has anyone successfully applied for a bad-credit loan or can anyone recommend who to approach / avoid?!

many thanks

delain

Stay away from provident and vanquis.

Do you really need a loan? If you are on benefits you can get a crisis loan.

AFAIK all sub prime lenders are one step above loan sharks, you'll be paying horrendous (sometimes up to 500%) interest.

Youd do better to ask british gas to fit you a key meter.

rrrrr

Thanks for the reply. I'm on a reasonably decent income but my credit file is erm.. ****ed due to this british gas default.

I have contract mobiles, existing loan etc. .. to be honest I just want a small loan to clear one of them bloomin evil Payday loans that has spiralled wildly out of control :-(

rrrrr

Anyone else at all? thanks

LDJ2009

Hi, what payday loans do you have outstanding and how much are they for if you don't mind me asking.

Taking a loan to repay another, even if it's at a lower rate isn't always a good idea, especially with payday loans as depending on who your loans are with, it is possible to set up repayment plans with them. This usually freezes interest and charges but can mean that you have to allow the loans to default and in some cases, it goes to a collections agency but in my experience, both the loans that i had that did this, it was easier talking to the collections agency that it was the actual payday loan company itself.

There is a payday loan company that advertises that it will consolidate existing payday loans over a 3 month period up to 750.00 but you have to send in 3 months bank statements, pay slips etc and you get a special reduced rate APR to pay them off over a slightly longer term. I did look into this but didn't take it any further so i don't know if it's legit or not but pm me if you want the link to the website.

You could also try your local credit union as the APR's are something like 1% per month.

rrrrr

LDJ2009- you've got a PM. thanks :-)

LDJ2009

Have PM'd you back

tigga_1961

ldj ive pmd you if thats ok, thanks

PNPSUKNET

let me guess you didnt use it or you think your meter is wrong?

nick.evans

rrrrrr,

My situation is similar to yours in that i have a good income, but extremely poor credit due to 3 defaults 2 to 4 years ago. I have successfully applied for and got a capital one credit card. Due to your rating, like me acceptance will probably take a little while, but i had joy with them and a 200 limit.

duggie1982

I would not say one default from British Gas has mucked up your credit file. Must be others?!