Bad Credit Loans

frazzledmummy

I need to borrow £3000 and because of a bad credit history Iknow I wont get a traditional loan from a bank.
There are lots of brokers that take your money first -Wentworth Direct - I have seen loads like this.

Has anyone actually had a bad credit loan and can recommend a company to use.

I know it will be a high interest rate, I can cope with that , but I just want someone reputable.

Thank you

Apples2

£3,000 loan for someone with a history of not repaying commitments!

Sorry, you have zero chance.

There is nobody reputable who would happily give money to someone who is not likely to repay the loan.

2babyboys

she never said she wouldn't repay the loan!

Apples2

2babyboys wrote: »

she never said she wouldn't repay the loan!

Bad Credit history generally comes from not repying monies owed.

I don't think anyone takes out a financial commitments and states they are not going to repay it from the outset.

If history shows a tendancy to not repay commitments, who do you consider would be happy to lend???

mrs_skint

Gawd I think some people just trawl these forums in order to vent their sarcasm at any poor s*d who's looking for advice!

frazzledmummy - Have you approached Wentworth Direct? If so have they asked you for a fee upfront? If so, forget them hun. Black Horse might be worth a try, they gave me a loan last year and I had a bad credit rating. However, they will do a credit search though just to make you aware, and the interest rate is higher. Is there any other way you get a loan - maybe family? Anyway, I hope you sort it out. Good Luck x

LAINEY28_2

:mad:I am shocked! Not all people with bad credit are unreliable for payments! Circumstances change all the time!!!
I have had bad credit history in the past (meaning I can't get a mortgage) and I am now paying rent no problem at all for a couple who has a 'good credit history' but could no longer afford THEIR mortgage payments!! Credit Scores/Reports prove absolutley nothing and are a waste of time!!!
Not everyone is as they are on paper!!!

Anyway....
Unfortunatley from recent experience not many well known lenders will lend to ANYONE these days due to the current climate. Another option may be a loan with a Guarantor meaning they are responsible for the loan if you don't pay which as you say above shouldn't be a problem ??? Just a thought depending on how much you need the loan.

Sorry can't be of more help, good luck x

Apples2

LAINEY28 wrote: »

:mad:I am shocked! Not all people with bad credit are unreliable for payments! Circumstances change all the time!!!
I have had bad credit history in the past (meaning I can't get a mortgage) and I am now paying rent no problem at all for a couple who has a 'good credit history' but could no longer afford THEIR mortgage payments!! Credit Scores/Reports prove absolutley nothing and are a waste of time!!!
Not everyone is as they are on paper!!!

I'm afraid I don't follow your logic.

Credit payments are Black and White. Either you pay the full amount on time or you don't. There is no room for reasoning or excuse.

Think about it from another angle.

Come payday nothing arrives in your bank. What do you do?

You go into HR or your employer and demand an explanation, "No worries" they say "someone forgot to press the button, we will press it again next Month"

I am sure, like most of us, you would kick up merry hell and not leave the room until you have at least an advance to prevent you missing your own commitments. You wouldn't give a hoot what the reason is.

When borrowing, YOU are the payroll. It is entirely YOUR responsibility to ensure all payments are made on time.

The machanism lenders use to kick up merry hell, is by alerting every other lender in the Country to your error. They do this by way of credit agencies, trashing your credit file.

You say, "Not everyone is as they are on paper!!!". I'm afraid on paper is EXACTLY how people are. No excuses, no but's, no if's, just facts.

Unfortunate yes, but that's how it is.



EDIT: Please don't EVER advise people to go down a Guarantor route.

LAINEY28_2

Everyone is entitled to their opinion and being someone very much on this side of the fence I can honestly say my circumstances have changed dramatically since the bad credit problems I had 3 years ago.....am I penalised for that now YES!!! How is that fair?

It can be as simple as being a single wage family to having both parents working once kids are at school for example ...where is there in a credit report to explain that??

No where!

Anyway this is completely off the point from the OP asking for advice which I did not advise a guarantor but said it was available as an option dependent on how desperate the money is required....coming from someone who has lived hand to mouth for a while and is now coming out the other end I can fully appreciate someones circumstances when things are so bad you don't know what to do for the best!

wayne99

your options are pretty limited in todays market iam afraid.

everyday loans http://www.everyday-loans.co.uk/
are one couldn't tell you what there like as i have not used them.

real personal finance used to lend to people with a bad history but they only lend to existing customers now.

welcome finance was another but they are not lending anymore.

the other option is FLM but they require a home owner with a good credit history to be a guarantor for the repayments.

the other companies for small cash loans door collected (legalised loan sharks) are provident, greenwood, morses club and shopacheck.

your best option is to stay well away from any of these companies as all of there APR's are mega high, but there we are that's the companies i know of.

edited:

on another note depending on how bad your credit history is you could try social lending sites like:

yes-secure or zopa, you will be credit checked, zopa use equifax i think and yes-secure use call credit.

another option is a credit union, but normally you need to save with them for a while before they will lend.

LAINEY28_2

FLM Loans...thats them! Just couldn't think what their name was! Example of a guarantor loan from them asked for £3000 got offered a loan no problem but was to pay £245 per month for 3 years for the priviledge..........

Yes I picked my jaw up off the floor!!! FLM Loans are chancers!

Thanks Wayne99 that was really annoying me that I couldn't think of their name. Cheers

Chrisblue1962

My partner has been stung by FLM Quick by being a Gaurantor for a loan for somebody who is now very much an ex friend. The so-called friend lied about having a job on the application and to us, then made only one payment in a year and now refuses point-blank to pay any more :mad:

We are probably going to take her to court and will take great pleasure in sending the baillifs in when she defaults on the CCJ...

FLM Quick aren't interested and have refused to accept the fact that the applicant committed fraud....