Thinking of applying for a loan - not got the best credit score!!

cheekyboo

Hi All

im thinking of applying for a £5000 loan. i have £2300 in debt, £1100 left to pay to my wedding and my fiance has £1200 to pay on an overdraft. i would just like to consolidate it into one payment and pay it off in 3 years.

I don't have the best credit history as i had 2 defaults when i was around 20 (now 25) but i currently have all the below credit which is always paid on time.

Vanquis credit card
next directory account
jacamo account
very account
2 mobile phone accounts
and all the usual utilities ie virgin media and gas/electricity

im not currently on the electoral roll (i know this wont help, just not got round to applying)

i searched on compare the market and they suggested i tried Zopa and it gave me an acceptance rating of 9/10. has anyone ever tried zopa? and do you know of any other companies i could try? i dont want to be paying a fortune in interest.

Many Thanks Cheeky Boo

chanz4

hit and miss, but x2 defaults may go against you with them

sulkisu

Defaults only remain on your credit report for 6 years. Get a copy of your report and check the dates. If it's been five years as you say, it might be worth waiting a year until they fall off before applying for the loan.

creditcardhelp11

Zopa will not give you a loan end of story need to have a perfect credit history. Try creation loans.

DCFC79

You tried cutting down on your outgoings as you seem to be above your limit.

poppasmurf_bewdley

Two defaults and not on the Electoral Roll?

Not a chance of a loan from a mainstream lender.

Payday Loans or Thug and Slugg Loan Sharks are your only choice.

What is this mad desire from lots of people to consolidate their loans? It's utter madness to borrow money to pay off loans you already have.

_Andy_

Great, yet another bad credit loan thread, there aren't hundreds already or anything.

Malky

First off, you're not on the Electoral Roll and that's one strike against you. Two defaults and that's another strike if not two. Chances of a consolodation loan at a low rate is zero. If you do get a loan then I would imagine the interest rate would be 20 or 30 something APR. Taking a loan of £5K @ 25% APR over 36 months means you pay back over £7K. Why would you want to turn your current debts of £4600 into at least £7000. Deal with what you have and pay them down rather than looking for the (allegedly) easy way out.

cheekyboo

geezo you lot are helpful haha. ill go elsewhere for advice, thanks for nothing!

Malky

cheekyboo wrote: »

geezo you lot are helpful haha. ill go elsewhere for advice, thanks for nothing!

And another newbie bites the dust due to not hearing what they want to hear.
Good luck on your journey finding a forum where everyone will give you big hugs and tell you everything you want to hear

DCFC79

cheekyboo wrote: »

geezo you lot are helpful haha. ill go elsewhere for advice, thanks for nothing!

Would you rather the rpelies were honest or complete and utter lies.