is there any good bad credit loan companies.

moneyspender1981

I need a loan for approx 2k

I curreently have a payday loan, which I pay in full each month. but sometimes get it out again.

I have a resonably good job with a half decent wage, due to bad credit in my younger days... my credit is better than itwas but still poor... as waiting for it to repay.

Anyways, my car has gone pop this morning and I want to get it fixed and also pay off my payday loans, as the interested is a killer.

I see horror stories about loan companies that take upfront fees, I spoke to my bank who I have been with for years and nothing they can do as they use a creit check system.

I dont mind payfing a higher rate of interest aslong as its less that the pay day loan companies.

any advice appreciated

cheers

fishty

A freind of mine has used welcome finance in the past, with little trouble it seems. However their rates are on the excessive side but no way near the >2000% mark of payday loans.

Someone may have a better suggestion and may even correct my suggestion. I'm no expert on Welcome and I'm only commenting on word of mouth experience and on the understanding that you will have to look deeper into this.

One thing I would suggest strongly is stay away from any loan broker without asking about your chosen company on here first

Apples2

Welcome have gone to the dogs, they no longer lend money. They lent too much money in the past to people with bad credit looking for loans.

Only real options are overdrafts, credit cards (I guess both are out of the question), maybe a vanquish card, they take anyone.

A Credit Union if you already save

Provident or similar doorstep type lender.

KingElvis

I would imagine you have no chance these days.

spooks26

Nothing out there im afraid, just scammers .

industryinsider2

Everyday Loans do £2k for people with your profile with an APR of around 68%. They are branch based and you'll need to live within a 30-40 mile radius of one of their branches to be accepted. FLM Loans do a guarantor loan for between 40% - 60% APR. There's also a new American firm who are lending in this space called Pounds to Pocket who do upto £1k at 275ish% APR. You're limited to these options because you've proved yourself to be an unreliable borrower in the past.

All better options than the payday loan trap you're in but not as good an option as changing your lifestyle, reducing your outgoings, saving money and being financially sound.

fozmcfc

Oakham are another company who offer supposidely upto £5000 and also have branches, not sure but possibly only in London and SE of England.

Lenders Compared is another site, which shows details of any doorstep lenders in your area, many seem to do loans up £2000.

As others have said though, the interest is sky high, it is better to save/sell things etc, before considering any of these types of lenders.

KingElvis

If you live near Soho go and see Barry The Baptist

fishty

There's also Hatchet Harry - Just an option

serverking

Loan GoGo are also doing 4.5%APR Fixed - sorry meant 450% the will put you in touch with Barry the Baptist in his Soho offices for a small 'fee', just £39 plus small pizza/ potato wedges plus can drink. All you have to do is send your passport and debit card in a brown paper bag to :Great Loan Offer, PO Box SEA54321, Dartford, DA13 0BR. Once your savings have cleared from your account, txt messages will flood your phone about loans you could get

Seriously mate, avoid these 'lenders' if they are not on the High Street (mainstream banks like HSBC etc.) you could try Vanquis for a card or Aqua or Capital One. If they say no, then just save your money. At this end of the food chain, it tends to get nasty.

MikeThePike

I watch this forum most days - but dont post much, I have noticed that Advantage Finance seem to help with questions and be fair when things go wrong - so I guess try them