Do "Bad Credit" loans exist?

behindthelines

as the topic states really?

are there any companies who offer unsecured personal loans to people with CCJ's etc..I'm sick of being directed to the likes of Yes Loans etc.

KingElvis

I think Provident still do these but the choice is very thin on the ground.

behindthelines

KingElvis wrote: »

I think Provident still do these but the choice is very thin on the ground.

i spoke to them regarding their £500 doorstop loan but apparently they won't accept me because I live in an apartment with more than 2 floors?

do Provident offer more than this product?

KingElvis

No idea, sorry.

There are also log book, payday and other "doorstep" lenders but I would avoid at all costs unless you wish to suffer.

Best of luck.

behindthelines

KingElvis wrote: »

No idea, sorry.

There are also log book, payday and other "doorstep" lenders but I would avoid at all costs unless you wish to suffer.

Best of luck.

thanks anyway

i was looking at a log book loan but the APR and payments are ridiculous...

i want to avoid doorstop/payday loans etc. too!

Derivative

Payday loans are essentially bad credit loans.

behindthelines

EdgEy wrote: »

Payday loans are essentially bad credit loans.

They can't offer the amount i'm looking for and i want to avoid them like the plague to be honest but thanks anyway

Tixy

If you have CCJs then the only places I know that would consider you would be credit unions (though you have to save with them first), payday and logbook loans and places like provident - all of which are very high cost due to the high risk people they are prepared to lend to.

If your loan is for something essential - really essential - a crisis loan may be available from the social fund (you don't have to be in receipt of benefits) - I believe they are not credit scored.

behindthelines

Tixy wrote: »

If you have CCJs then the only places I know that would consider you would be credit unions (though you have to save with them first), payday and logbook loans and places like provident - all of which are very high cost due to the high risk people they are prepared to lend to.

If your loan is for something essential - really essential - a crisis loan may be available from the social fund (you don't have to be in receipt of benefits) - I believe they are not credit scored.

i don't feel i meet the requirements for a crisis loan.. it's not "essential" so to speak and doesn't affect health/welfare etc.

how long would i need to save with a credit union? i'm not to familiar with how they work?

Tixy

Depends on each credit union. Some need you to save for 6months first. And for some the first loan is a max set figure (which again can vary from union to union), for some the first loan can only be twice what you have saved so far etc etc.
They vary such as lot that the only real way to know is to find one in your area and check out their specific rules.

Enfieldian

People with CCJs (Plural....!) Don't really have a good track record with paying their loans and debts so it is pretty unlikely than any lender would risk their money.... Unless it is for a small amount at ridiculous interest rates....

Provident will receive the capital back about half way through the repayment period so if you stop paying they have not actually LOST anything.....