Bad credit loan

mrsred

Hi,

My first post, so hi and please be gentle

My self and my partner have got into a bit of a mess with some payday loans, we are paying on time but its getting daft, as soon as they are paid off we have to get another to get by.

We don't have a good credit history, I have a reasonable job, but my husband is self employed.

I'm looking for a loan to clear these pay day things and get back on the right track. I tried applying to ocean but was declined and eventually passed on to flm loans, who are happy to lend the money at 45%+ interest rate and with a guarantor.

Does anyone have any idea of another lender with a more competitive rate? I have read up a bit about FLM and have seen their negative reviews and understand how they work, but would love another option if there is one.

any help welcomed

Apples2

There isn't an answer to your question which includes borrowing even more money.
If there were options, you would never have gone near a PDL company in the first place, now things are even worse.

The way out is to curb your outgoings, stop everything which isn't essential (boradband, sky, subscriptions to anything not still under contract etc.)

Flog the stuff worth money which you don't actually need. Doesn't matter if you don't get anywhere near what you paid for it. It is no use to you whilst you are trying to remain afloat.

The Debt Free Wannabe board os a good place, post up an SOA (Statement of Affairs) and let others who have been, or are in, the same position as you help you work your way out.

Borrowing more money, over a longer period, at even more interest overall is a disastrous move.

Enfieldian

As above.

Assuming your own bank don't want to help you, why would anyone else in the current climate with your track record?

mrsred

Thanks for the advice so far.

All i'm looking for is a list of lenders who borrow to poor credit so I can get rid of these loans and get back on our feet again.

paying a monthly figure rather than repaying multiple high interest pay days in my opinion for us would be better and allow us to start getting our credit file back on track.

We have equity in our property but for the amount we want top borrow between 2-3k, I believe its too low for secured lending.

Tixy

mrsred wrote: »

All i'm looking for is a list of lenders who borrow to poor credit so I can get rid of these loans and get back on our feet again.

Payday loan companies (short term, very expensive small loans)
FLM - expensive guarantor loans.
Logbook loans - ridiculously expensive secured loans from cowboy outfits.

Thats about it - companies are not willing to risk lending money to people with poor credit ratings in the current economic climate. They simply think it isn't worth the risk that you will default.

If you are stuck in the payday loan spiral and unable to pay them off you might want to consider opening new bank accounts and protecting your money and then trying to arrange repayment plans with them. This thread might help - Dealing with Payday Loan Companies

dresdendave

Please heed the advice given by apples. You do not get out of debt by taking out another loan. Pay off your existing loans, as was advised, by cutting all non-essential outgoings and throwing all the savings at the current debts.

That is how you will get back on your feet again, by paying off the debt, not just shifting it to a different lender.

MichaelCR

mrsred wrote: »

Thanks for the advice so far.

All i'm looking for is a list of lenders who borrow to poor credit so I can get rid of these loans and get back on our feet again.

paying a monthly figure rather than repaying multiple high interest pay days in my opinion for us would be better and allow us to start getting our credit file back on track.

We have equity in our property but for the amount we want top borrow between 2-3k, I believe its too low for secured lending.

You will not get a Unsecured loan with bad credit in this day and age.

Don't add to your problems with payday loans.