Bad credit loans/ joint application?

Aimeee2512

Hi,
I turned 18 very recently, and immediately got a phone contract. I missed the first payment on this as I was not informed when it was due, and because of this, my credit rating has went down. I work part time, but only get £250 a month. I would like a loan of £3000 to help towards driving lessons, a car and insurance but have been rejected from almost every where I try.

My boyfriend is 21 and his credit rating is also pretty bad. He wants a loan to pay off outstanding debts he has. Similarly, he has also been rejected from personal loans on account of bad credit rating.

If anyone could suggest a high acceptance loan company, that would be great!
Also, I am curious to know, are we more likely to get accepted if we apply for a joint loan? Although, I'm not sure if this is possible as we dont currently live together. Any advice would be welcome!

Thanks!

BugsyBrowne

No chance sorry

~Beanie~

This is a complete non starter. You have only just turned 18 and have already run up bad credit.

How are you going to repay a loan if you only earn £250 per month? How will you afford petrol, repairs, road tax etc etc if all your earnings are used up repaying the loan?

Making a joint application won't make any difference as you will still both have bad credit ratings.

Forget the idea and save up, you could start by doing more hours and earning more money.

DCFC79

Aimeee2512 wrote: »

Hi,
I turned 18 very recently, and immediately got a phone contract. I missed the first payment on this as I was not informed when it was due, and because of this, my credit rating has went down. I work part time, but only get £250 a month. I would like a loan of £3000 to help towards driving lessons, a car and insurance but have been rejected from almost every where I try.

My boyfriend is 21 and his credit rating is also pretty bad. He wants a loan to pay off outstanding debts he has. Similarly, he has also been rejected from personal loans on account of bad credit rating.

If anyone could suggest a high acceptance loan company, that would be great!
Also, I am curious to know, are we more likely to get accepted if we apply for a joint loan? Although, I'm not sure if this is possible as we dont currently live together. Any advice would be welcome!

Thanks!

Should have asked when the first payment was due, in any case did you not set up a direct debit ?

How can you afford to finance a 3k loan on £250 a month ?

What you need to do well both of you is to look at budgeting, look at where your money goes each month etc. Getting a loan will only paper over the cracks.

Aimeee2512

I have bad credit because of one missed payment, as Orange would not tell me when the payment was due out, despite me asking.

By the time I actually learn to drive I had planned to buy petrol etc, with part of my student grants. I had also wanted the loan over a longer period of time, so the montly payments were around £100, which I could afford as I pay no rent as I live with my parents.

MJ41

And how would you pay for next years insurance on top of your loan repayments? The fact they won't lend it to you is doing you a huge favour which in time you will be thankful for - trust me!

You will need to save for your lessons and car.

CLAPTON

your bf has debts at 21 and a poor credit rating

think about it and resolve not to go down that path

one day you will value a good crediting and you will certainly value being debt free.

by all means learn to drive out of your earnings but buying, insuring and running a car is pretty unrealistic

Vikipollard

Aimeee2512 wrote: »

I have bad credit because of one missed payment, as Orange would not tell me when the payment was due out, despite me asking.

By the time I actually learn to drive I had planned to buy petrol etc, with part of my student grants. I had also wanted the loan over a longer period of time, so the montly payments were around £100, which I could afford as I pay no rent as I live with my parents.

So if you have the £100 a month spare, why dont you just use that to buy your driving lessons? That would buy you, what, 4 or 5 a month? It's highly unlikely that you would be taking your test for six months or so, so that is plenty of time to see how you cope with doing without £100 a month without knackering yourself with a loan forever and a day.

By student grants, were you referring to University? If you were, I have to say that my son would not have been able to pay for driving lessons out of his as, despite working part time and receiving money each month from us, the living/social demands make it unviable. The other thing is, if you're off to be a student, with the best will in the world, there's alcohol involved so NOT having a car is a good thing!

scottishblondie

Insurance at your age could easily be £3k on it's own. Add to that that you only earn £3k a year at the moment...

It's a bad idea, and no-ne is going to give you a loan like that anyways.

DCFC79

Aimeee2512 wrote: »

I have bad credit because of one missed payment, as Orange would not tell me when the payment was due out, despite me asking.

By the time I actually learn to drive I had planned to buy petrol etc, with part of my student grants. I had also wanted the loan over a longer period of time, so the montly payments were around £100, which I could afford as I pay no rent as I live with my parents.

Did you not get any confirmation by post when the dd was due to come out ? Cant remember what happenened when i got my contract which was years ago.

Anyway, like i said both of you need to budget accordingly and pay off the debts. Work more hours and save any extra and put it towards the lessons, its easy t do as i did it when i had my first job.

dealer_wins

Aimeee2512 wrote: »

Hi,
I turned 18 very recently, and immediately got a phone contract. I missed the first payment on this as I was not informed when it was due, and because of this, my credit rating has went down. I work part time, but only get £250 a month. I would like a loan of £3000 to help towards driving lessons, a car and insurance but have been rejected from almost every where I try.

My boyfriend is 21 and his credit rating is also pretty bad. He wants a loan to pay off outstanding debts he has. Similarly, he has also been rejected from personal loans on account of bad credit rating.


If anyone could suggest a high acceptance loan company, that would be great!
Also, I am curious to know, are we more likely to get accepted if we apply for a joint loan? Although, I'm not sure if this is possible as we dont currently live together. Any advice would be welcome!

Thanks!

Even if you didnt spend a single penny of your income each month, you couldn't afford the loan!