My husband is looking for a short term loan

grandma22

Hi
My husband is waiting to be paid out on his pension,it will be in a very short time and a lot of money.
He has no credit and no credit score but we really need £2000 now urgently.
Is there anywhere we can obtain such a short term loan,he works full time after leaving the forces.
Thanks

Tixy

Possibly - £2000 is quite small assuming he is reasonably well paid and in a secure job.
Best place to try for a loan would be his current account bank (assuming that he has managed that account well and they can see his salary being paid in regularly)

grandma22

Sadly he has no credit score and we are tod this is worse than having a bad one

Redouble

I got £1k loan on zero credit rating a few years ago. I know things are different but with a decent salary it may be in his favour.
What about a credit card. Some will approve those with no credit rating but I'm not sure what interest rate you'd end up on.

How about the overdraft of his bank accounts if it is very urgent then clearing that onto cards until the pension comes through?

Just ideas, please be aware I have limited knowledge in this field xx

Tixy

Credit score is meaningless - and even people with no credit history can pay £15 to see what their 'score' ise from one of the credit reference agencies. But it would be pointless as it means nothing useful.

Do you mean he has no credit history? Is he on the electoral roll at his current address? has he never had any credit accounts in the last 6years (such as a contract mobile phones, an overdraft, or even certain utility companies report to one of the credit reference agencies).

Has he actually approached his current bank and asked them for a loan?
If he has had the account more than say 6months and they can see a regular salary being paid in then they might well be willing to lend, as they know far more about him that any other bank. Or they might consider an overdraft on his bank account.

ILW

Overdraft.

grandma22

No he has never had credit,when we met he was a soldier and had never needed it.
His salary goes into my bank account,and he doesnt have an account of his own,he likes to pay cash,rather old fashioned I know!

skintandscared_2

If he doesn't even have a bank account I'd say his chances of a loan are pretty much zero. Could you get one though, with your bank? If all his wages go into it, it probably is a healthy-looking account?

Tixy

In that case he is likely to struggle.

I'd suggest he opens up a bank account for himself straight away and has his wages paid into that from now on. How much does he earn? He might find a bank that would consider a small overdraft as soon as he opens an account - though its not likely to be £2000.

What do you need the money for? perhaps people here could think of an alternative.
Are you unable to get a loan or a credit card or overdraft?

DCFC79

He should open a bank account anyway, even if its not for this £2000 loan.

Bravehearted_2

Can't you just wait for the pension to be paid?

More often than not, people say they urgently need money for something, when in reality it can wait - not saying that's your situation.