Loan for Bad Credit?

144sk

I'm planning to go travelling with friends in October this year. If i'd of known earlier than I would of started saving.

Basically I need a loan. I tried applying for one with my bank but that was over Christmas, just before I got paid and had about £30 in my bank. Does how much you have in your account make a difference?

I know you will probably tell me to save, and yes I will. But my October I will only be able to save about £2,500 and i'm going away for 6 months so will need about £6,000.

If not a loan, are there any other ways I could get it? Someone mentioned a credit union to me...

BackOnTrack

If you're travelling how are you going to pay it back?

barbarawright

You need to think about how you will make the payments while you are travelling and, presumably, not earning

144sk

The money I will save up until that point will be used to pay off my loan until I come back.

And I have a guranteed job once I return, so I will always have the money to pay back.

I am also working and travelling, so I will be earning whilst I am away.

geoffky

a bank will laugh at you with that answer

Tixy

How much you have in your account won't make a huge difference. If you have an overdraft and are in it every month that can make a difference.

A potential lender will be looking at your credit history, how much you earn, how much debts you have, how much credit you have, whether you can afford to repay the loan.

You say you have bad credit - what do you mean by that? do you have a bad repayment history? defaults? CCJs?

A credit union is unlikely to lend that sort of amount and the APRs are generally quite high. You usually have to be a saving member with them for several months first and the first loan is often restricted to around £500 or so. They don't credit score you as such but instead look at your ability to repay. Don't really think they will be suitable in your situation.

Could you not go travelling for a shorter period of time instead, based on how much you can afford?

144sk

geoffky wrote: »

a bank will laugh at you with that answer

That's why I am not going to my bank.

144sk

Tixy wrote: »

How much you have in your account won't make a huge difference. If you have an overdraft and are in it every month that can make a difference.

A potential lender will be looking at your credit history, how much you earn, how much debts you have, how much credit you have, whether you can afford to repay the loan.

You say you have bad credit - what do you mean by that? do you have a bad repayment history? defaults? CCJs?

A credit union is unlikely to lend that sort of amount and the APRs are generally quite high. You usually have to be a saving member with them for several months first and the first loan is often restricted to around £500 or so. They don't credit score you as such but instead look at your ability to repay. Don't really think they will be suitable in your situation.

Could you not go travelling for a shorter period of time instead, based on how much you can afford?

I think it's the lack of credit history really. My bills are always and have always been paid on time. I applied for a credit card and paid back everything as soon as I spent it to improve it... they did increase my limit not long ago, same goes for a catalogue.

BackOnTrack

I doubt anyone will give you the loan you are wanting. Have you considered selling some of your possessions to raise the cash?

You say you will be travelling and working, so you have a work permit for the countries you are visiting?

144sk

BackOnTrack wrote: »

I doubt anyone will give you the loan you are wanting. Have you considered selling some of your possessions to raise the cash?

You say you will be travelling and working, so you have a work permit for the countries you are visiting?

I'm going to sell my car, yeah. Yeah I have a WHV for a year.

KingElvis

No matter how you dress it, you're going on an extended holiday?

With limited history, no collateral and what with your pending departure from the country I doubt anyone will touch your tempting offer.

Sorry but that's how I read it.