Genuine loan companies??????

ey_137

Hello there,

does anyone know of a genuine loan company or car finance company for poor credit people?? That isn't a complete scam or costs the earth in apr.

I have a couple of defaults, earn around £26,000 a year and only want around £3000.

Any help please.

Tixy

Have you tried contacting your own bank for a loan? if you have maintained your account well they may be most likely to lend to you.

If they won't lend to you, you'll probably struggle without going subprime and paying ridiculous interest.

BLT_2

ey_137 wrote: »

Hello there,

does anyone know of a genuine loan company or car finance company for poor credit people?? That isn't a complete scam or costs the earth in apr.

I have a couple of defaults, earn around £26,000 a year and only want around £3000.

Any help please.

Im afraid you have answered your own question. With a few defaults and a poor credit record there are few companies who are going to offer you a loan at a reasonable rate of interest.

Just avoid YES card credit like a plague rat, I recall watching a programme on them, they sell complete sheds at 29%, I guess you could live with the APR however the car probably wouldnt last the length of the loan (even if you took it out over 3 months :rotfl:)

ey_137

Pretty sure my bank wouldn't be willing as I only have a basic bank account, ok it's been well kept for the last two years and you can see regular payments coming in but it doesn't build any credit score.

ey_137

The amount of companies out there quoting competitive finance, you would think that one would be genuine or at least a complete rip off.

BLT_2

ey_137 wrote: »

The amount of companies out there quoting competitive finance, you would think that one would be genuine or at least a complete rip off.

There are a multitude of companies out there offering competitive finance, however without a good credit record, a long string of green 0s on your credit report and a cheque guarantee card you are probably not in a good position to avail yourself of their offers

ey_137

O well, looks like I'll just have to keep saving and hope the pug doesn't die before I can afford to replace it!

I'm sure I'm not the first to say this, but I only wish I could turn back the credit clock!!!

Tixy

How recent are the defaults? You might want to consider starting to rebuild your credit rating with a subprime credit card. But yuo do need to ensure you pay it in full every month to not pay horrific interest rates.

Won't help you for a loan now but might in the future. Can you not save up a few hundred (that you would have used on lloan repayments) and buy a cheap runaround for now.

ey_137

Have thought about trying to rebuild credit, defaults were around 2 1/2 years ago... What card would you recomend as cap1 and barclaycard were the defaults??

Tixy

http://www.moneysavingexpert.com/cards/bad-credit-credit-cards