Low Credit Score Loan

natpin_2

Hi,

I currently owe money on payday loans and a student overdraft, and would like to take out a £3-4k unsecured loan to pay off the lot.

I have a fairly poor credit history (one default in past 36 months but no CCJs) However I am employed on a good salary, so can easily afford the repayments.

I have been refused a graduate and a personal loan from natwest, so I am accepting of the fact that I will have to pay a higher rate of interest. I am also aware that there are many companies out there who charge a rediculous broker fees to "find you the pest rate" then rip you off.

What unsecured loan companies are the most reputable for bad credit histories? What are peoples experiences with the various companies?

Thanks

Apples2

Better off buying a Lottery Ticket.

From what you say, you have zero chance of a £3-4k loan from anwhere. I take it there are no Credit Cards you can use?

If you are on a good Salary and can easily afford the repayments, I would suggest you aren't being entirely honest with yourself. Why can't you use your good salary to pay off the payday loans?

How did you end up taking payday loans if you are on a good salary?


You are better off going into the Debt Free Wannabe Board and learn how to control your spending. You need to have more coming in each month, than going out.

natpin_2

Hi,

I got caught in the payday spiral in my previous job, which I then got mde redundant from, and now I am re-employed again, however by now the interest on the payday loans has spiralled out of control. I am NOW living within my means, but the payday loan charges are too high to keep up with.

Apples2

Even so, further borrowing is not the answer.

Easy to say but knuckling down and living like a pauper is the best way out. No social life, no takeouts, packed lunch, Tesco Value food etc..

Post up an SOA in the DFW Board

SOA
http://www.makesenseofcards.com/soacalc.html
DFW
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

KingElvis

This is a very common question here and I'm sorry to say, at the moment there is nothing out there for you.

Some people yarn on about Credit Unions so that may be one avenue?

CHR15

Credit Unions are an option but they do expect you to Save with them first, once a saver you can borrow only a certain amount based on your saving.

Generally Credit Unions lend in the region of hundreds, nowhere near the £3-4K the OP os looking for but still may be worth exploring in any case.