Loan advice

screwyrabbit

Hey all, I was just wondering if anyone had some advice on where I can get a cheaper rate loan. I have had my credit rating checked on credit expert and it came up with 756 which it said was a fair rating. I currently have a provident loan which I pay a huge amount of interest on and would like to see if I can get a better deal. I have had alot of debt problems in the past and have 3 cjs on my report that are unpaid. Since then I have had several provident loans that I never missed a payment and a vanquis credit card that I regularly pay. I am looking for an unsecured loan of around £3000 and was just wondering what my success rate is. Many thanks in advance screwyrabbitxx

michael1983l

screwyrabbit wrote: »

Hey all, I was just wondering if anyone had some advice on where I can get a cheaper rate loan. I have had my credit rating checked on credit expert and it came up with 756 which it said was a fair rating. I currently have a provident loan which I pay a huge amount of interest on and would like to see if I can get a better deal. I have had alot of debt problems in the past and have 3 cjs on my report that are unpaid. Since then I have had several provident loans that I never missed a payment and a vanquis credit card that I regularly pay. I am looking for an unsecured loan of around £3000 and was just wondering what my success rate is. Many thanks in advance screwyrabbitxx

I think your only chance will be with somebody like Everyday loans, but please expect the APR to be up to 70% and the checks to be intrusive. They also expect to see you in person.
OMainstream, to be honest I doubt you have much chance at all.

jon_boy75

screwyrabbit wrote: »

Hey all, I was just wondering if anyone had some advice on where I can get a cheaper rate loan. I have had my credit rating checked on credit expert and it came up with 756 which it said was a fair rating. I currently have a provident loan which I pay a huge amount of interest on and would like to see if I can get a better deal. I have had alot of debt problems in the past and have 3 cjs on my report that are unpaid. Since then I have had several provident loans that I never missed a payment and a vanquis credit card that I regularly pay. I am looking for an unsecured loan of around £3000 and was just wondering what my success rate is. Many thanks in advance screwyrabbitxx

hi

you will struggle with mainstream lenders, but perhaps try blackhorse and everyday loans. you will pay a high APR, but maybe less than provident. In this market, it looks increasingly likely that sub-prime borrowers have to find gradually better deals in order to access decent credit eventually.

by this i mean, you currently have debts with Provident, but would like to pay less. You will still only get a high APR loan if you have CCJs etc, but you may be able to get a lower APR than the one you currently have, with the very few lenders still in the market.

I imagine you're paying 75% or thereabouts, so if another lender were to offer less, take that option and review your situation in 6 months.

Restrict your searches to 2 or 3 loans only, then review in 6 months and see if you can reduce payments further....dont increase your debt in that time!!

hope that helps

screwyrabbit

I am currently paying an interest rate of 133% so anything under a 100% is marvellous!!!! I am being called by company called aspire loans. Have you heard of them before?xx

jon_boy75

screwyrabbit wrote: »

I am currently paying an interest rate of 133% so anything under a 100% is marvellous!!!! I am being called by company called aspire loans. Have you heard of them before?xx

yes, but not sure about them...i believe it's impossible to contact them by phone

if they ask for a fee, put the phone down

try others first if you can, you should be able to get better than your current rate

screwyrabbit

Thanks for the advice you have been really helpful xx

Jeff_Bridges_hair

before you get another loan you really need to ask yourself if you need another one. Im not having a go here but with a couple of CCJs on your file then im guessing you have had problems paying back something or other in the past - none of my business i know.

With what you have now with your provident loan and the vanquis credit card i would advise to pay the provi off first and foremost as quickly as you can - these are never good to have. And by carry on using your vanquis your credit report will improve.

Also look to see where you can make savings in your day to day spending as even the smallest changes can greatly improve what you have left over at the end of the month and then put this into paying off your provi loan as quick as possible.

Only try another loan if you REALLY REALLY need to as taking a higher rate interest loan to pay off your other debts - which i think may be what you want to do - could not be the best thing to do.

Apples2

screwyrabbit wrote: »

I am being called by company called aspire loans. Have you heard of them before?xx

Generally speaking, ANY company who is contacting you are simply doing so because they see you as easy pickings for an application fee.

For this reason, NEVER engage in any kind of conversation with them, just put the phone down.

I can see two possible websites for Aspire

Aspire Money

Any company with a homepage like that should be avoided like the plague - DO NOT GO NEAR THEM

Aspire Finance

A broker fee between 0% and 12.5% may be charged.

Again - same advice - DO NOT GO NEAR THEM.


Seriously, do not use these kind of companies, even if you do ignore the advice, DO NOT EVER give out your bank account details, no matter how much they promise you it is only for security check, proof you have a bank account or any other type of lies. THEY WILL TAKE MONEY FROM YOUR ACCOUNT!!

screwyrabbit

Hey, the reason I got into alot of trouble 4 years ago was due to borrowing more than I could afford. I have learn't my lesson. The loan I am looking for is to clear my provident loan of which I am paying 133% interest and exchange it for a lower interest loan as I still have a year left on my loan. If I could get a lower rate then I could pay off my loan quicker. I have taken the provident loan to rebuild my credit rating which is why I have a vanquis credit card. As for looking to cut my bills, I have 5 children to support so money is very sparse. I am not entitled to benefits because I work and we live on minimal money as it is. Believe me I have looked at every possibility. Anyway thanks for the advice xx

Jeff_Bridges_hair

screwyrabbit wrote: »

Hey, the reason I got into alot of trouble 4 years ago was due to borrowing more than I could afford. I have learn't my lesson. The loan I am looking for is to clear my provident loan of which I am paying 133% interest and exchange it for a lower interest loan as I still have a year left on my loan. If I could get a lower rate then I could pay off my loan quicker. I have taken the provident loan to rebuild my credit rating which is why I have a vanquis credit card. As for looking to cut my bills, I have 5 children to support so money is very sparse. I am not entitled to benefits because I work and we live on minimal money as it is. Believe me I have looked at every possibility. Anyway thanks for the advice xx

Fair enough - though with 5 kids you should get something from the benefits office whether or not you work.

If all you have is a year left on your provi loan then I can only suggest you just carry on paying that until it is finished - the interest on a £3K loan with your history will work our far far more then what you are left to pay now.


Apples - that Aspire website looks like it was made by my 2 year old

beth58_2

My advice would be under no circumstances take out another loan to pay off a loan, you'd end up paying more interest than what you have left to pay provident. Talk to the company and ask for your account to be frozen and reduce payments, you'll never rebuild your credit by this method just get into a bigger struggle with debt.