Bad credit rating loan advice

jessh82

Hi,

I have a pretty bad credit rating but I have no outstanding loans and I am in the process of relocating for a much better paid job.
In order to do this though I need a small loan of around £3000 for deposits on the new flat, moving expenses etc.
I don't want to go through a dodgy company like YesLoans but this seems to be my only option.

Does anyone know of reputable companies who offer loans based on someone's provable ability to pay it back?

Thanks for your help.
J

Tixy

No. All lenders will take your credit history and past behaviour with credit into account. The only place that might not is credit unions - but they mostly require you to save up with them for a few months first before you can take a loan and the first loan you take from them is usually limited to £500 or so (depending on the union). But even then they might not consider a new job as proof you can repay the loan - eg if there is a probabtion period.

Would your new employers provide relocation costs - or do they offer relocation loans themselves?
Could you commute in the short term - even if just until you finish your probabtion or have had chance to see if you like the job or the city etc?
Have you considered house-share or renting a room in the short term which would need a much smaller initial outlay?

jessh82

Thanks for this,

Unfortunatley none of these are options. I've checked with my new employer and they don't offer relocation assistance and I'm moving from Lancashire to London so it'd be a long commute! I'm moving with my partner but I'm pretty sure his credit is as bad as mine is.

Tixy

When you say a pretty bad rating - what do you mean? do you have CCJS, default? or just a few missed payments? have you applied for a loan and been turned down or not applied because you think your rating is too bad?

KingElvis

jessh82 wrote: »

Thanks for this,

Unfortunatley none of these are options. I've checked with my new employer and they don't offer relocation assistance and I'm moving from Lancashire to London so it'd be a long commute! I'm moving with my partner but I'm pretty sure his credit is as bad as mine is.

Blimey :eek: You might want to put that move on hold then as the only people who'll touch you (if any at all) will want huge rates and will charge you for shonky broker fees etc.

I would forget the loan option unless you want to lose more money.

Good luck.

CHR15

Yes Loan are most definitley NOT your only option.

They will simply take money from you and disappear. They do NOT offer loans, just a money extracting facility.

jessh82

Any idea what the other options might be. The bottom line is, I'm going to need a loan. Has anyone had a GOOD experience with a company who may be able to help?

Tixy

Unfortunately needing a loan isn't the same as being able to get one.

As asked already - When you say a pretty bad rating - what do you mean? do you have CCJS, default? or just a few missed payments? have you applied for a loan and been turned down or not applied because you think your rating is too bad?

jessh82

I have a spent CCJ from 5 years ago and have missed a few payments. I have been turned down by my bank and companies that I know to be excellent. I haven't used any loan broker services yet as I don't know if they can be trusted.

KingElvis

Jess, if your bank can't help and you're not a memeber of a credit union, your options are limited to friends, family or maybe raising the money through sales of goods like cars, expensive electronic gadgets etc etc

Bad credit loans just don't exist.

Payday loans, logbook loans and the other super high interest sources of lending are not for the level of borrowing you need and are a sure fire track down to the gutter.

geoffky

jess it aint going to happen...give it up and spend your time looking for another option...3k is a lot of money and no one is going to lend you that unless you are squeaky clean...you will get ripped off when trying these so called on-line loans..they do not exist ,its just to get fools to give out their bank account number so they can raid your account for the fee you agreed to when clicking on the sites..