Loans for bad credit

Shonar0612

Hi, Looking for some helpful advice...

Been looking for loans for people with poor credit history. At the moment I can only find ones that are either scams or brokers! Obviously I don't want to pay 50%APR but my credit history isn't the greatest ( no ccjs or defaults ).

Thanks

Tixy

What is on your credit history?
How much do you want to borrow and for how long?
How much do you earn?

Shonar0612

Hi there. I just checked my report and score and my score 531 and I have only one missed payments on it altho I kno I had 3 late payments that arent shown. Looking for £5000 over 5-7 yearsCan pay around£150 a month

Beast

Do you have any other debts?
Are you on the electoral register at your current address?
How much do you earn?

Shonar0612

I have 1300 on a credit card and 500 on another loan which both were to be cleared with the loan. I am on the electrol roll and I earn 14k per annum (37 hrs per wk). Also get around 1500 from other income (ie child tax credits and child benefit).

Beast

The problem is that even for someone with a perfect credit history who has never missed a payment, that's nudging up towards 50% of your pre-tax income in debt - a number lenders tend not to like.

Shonar0612

How about putting someone as a guarantor? Also would they need to be a home-owner?

Shonar0612

Sorry, Also if I can clear my 1800 I already owe out what happens in terms of my credit rating going up and chances of me getting the 5000 loan ( its for a car as twins are getting too big for 2 door focus!) Thanks alot for all the help so far!

Fonz_2

Financial advice: It's going to be very difficult for you to get a loan which won't result in you getting ripped off. You don't have a perfect credit history which means you won't get the best deals and as posted above, you'll be seen as over-committed.

Practical advice: I'm a guy. I love cars. I love buying new cars. Having said that, in your current financial position whilst putting twins in the back of a 2 door focus may not be the suburban lifestyle dream you want (and unless the twins are teenagers!) I would suggest that it's simply not worth getting yourself into further financial strife for the sake of a convenience.

Shonar0612

Hi there thanks for the advice. How about over a longer period of time, say 7 years? I know my credit isn't great but at the moment my partner is paying finance for the car and is nearly up (£150per month). It is really hard as we can afford it taking my partners income into consideration too. I can maybe pay off the money i already owe, Would this make a difference to credit score etc... ?

Thanks again