Loans for people with bad credit

sammyd1986

Hi. Please can someone let me know where I can get a debt consolidation loan with bad credit. I used to be in debt and therefore now have a bad credit history. I need to borrow £1500 over 18 months - 2 years to clear a couple of store cards and overdrafts. I did find a good deal with Wentworth Finance but they are asking for a £59 fee. When I rang them to pay it I was on hold for nearly 2 hours and went from number 23 to number 1 in the Q. I was at number 1 for 40 minutes and then hung up. Total waste of my time and now thanks to 10p a minute a large phone bill.

Any advice I would be grateful.

Thanks

CLAPTON

no, there is no-one willing to lend to people who are unlikely to repay the debt

borrowing to 'clear' debt is simply transferring it and not clearing it

better to post up an SOA and seek advice about managing your finances.
format here:
http://www.makesenseofcards.com/soacalc.html

Jyothi_2

Even I got a PayDay loan in a single day from a Direct Vendor. They did not charge anything. Brokers always expect commission. So dont go with them.

Regards / Jyothi

andys15

Jyothi wrote: »

Even I got a PayDay loan in a single day from a Direct Vendor. They did not charge anything. Brokers always expect commission. So dont go with them.

Regards / Jyothi

PAYDAY Loans should be outlawed. They offer a very very short term solution, and for over 90% a very very long term of debt destruction.
For the very small amount of people who use them correctly it is fine, but that small amount of people is so minute, that the FSA should close them all down. Let the really needy have more access to crisis loans, and more importantly financial education and management.

sammyd1986

Thank you very much for your responses.

To Clapton, taking out a loan to pay off debt is just transferring debt may be true. But consolidating it and getting it paid off is my priority. My overdraft is causing £200 bank charges a month and currently I am just paying interest only on my store cards. 1 monthly loan payment will be much easier to handle, will cut down my outgoings considerably and help me manage my finances better.

I have now applied for a loan with finance plus and am awaiting a call back from them. I do not mind paying a £15 fee as long as this company is genuine. What I was unable to find on their website was their APR. I am not willing to pay anymore than 30%.

BLT_2

sammyd1986 wrote: »

Thank you very much for your responses.

To Clapton, taking out a loan to pay off debt is just transferring debt may be true. But consolidating it and getting it paid off is my priority. My overdraft is causing £200 bank charges a month and currently I am just paying interest only on my store cards. 1 monthly loan payment will be much easier to handle, will cut down my outgoings considerably and help me manage my finances better.

I have now applied for a loan with finance plus and am awaiting a call back from them. I do not mind paying a £15 fee as long as this company is genuine. What I was unable to find on their website was their APR. I am not willing to pay anymore than 30%.

I admire your optimism. The AA currently do loans for people with good credit records at around 18% for sums below 7500. The average credit card interest rate on a prime card for those with less than perfect rating is around 27%. You are stating that you are not willing to pay more than 30% with a bad credit record.

I am sorry to say you may be in for a shock. Your debts, bad credit record etc etc put you more in the 50% interest rate zone to be honest.

I hope you are successful in your quest. If you are offered the loan don't jump at it, sit down and do some serious calculations on the long term impact and affordability.