Loans for bad credit rating?

Kirsty2010

I was wondering if anyone can offer any advice. I've got a pretty bad credit rating, just waiting on the experian report so don't know how bad it is. But i want to get a smallish loan £3000 to clear off my debts into one affordable sum a month, i've applied a few but been knocked back so don't know what to do really.

Apples2

Kirsty2010 wrote: »

So don't know what to do really.

Cut back on your spending.

Why do you think your credit file is bad?
If it is due to missing payments, no lender is going to start throwing £3,000 in your direction.

After the third application in a short space of time you can pretty much discount anyone accepting you .

Be VERY cautios of anyone offering you a loan, they will simply take about £70 from you before you discover the "guaranteed loan" never existed.

poppasmurf_bewdley

Firstly, £3k is not a smallish loan. It a ruddy big loan.

If you have a poor credit rating, you have virtually no chance of getting a loan of anywhere near £3k. Certainly not from the main lenders.

You may get a couple of hundred from a Payday loan company but it will cost you plenty.

Sorry if it's not what you want to hear, but your best bet is to start living within your means, start saving, and within a couple of years you may be looking at being able to get a loan, depending on your income.

BugsyBrowne

Kirsty2010 wrote: »

I was wondering if anyone can offer any advice. I've got a pretty bad credit rating, just waiting on the experian report so don't know how bad it is. But i want to get a smallish loan £3000 to clear off my debts into one affordable sum a month, i've applied a few but been knocked back so don't know what to do really.

DO NOT TYPE LOANS FOR BAD CREDIT RATING INTO GOOGLE SEARCH.

These companies will take your administration fee or any other crap they decide to sting you for and your chances of getting a loan is Zero.

DCFC79

Kirsty2010 wrote: »

I was wondering if anyone can offer any advice. I've got a pretty bad credit rating, just waiting on the experian report so don't know how bad it is. But i want to get a smallish loan £3000 to clear off my debts into one affordable sum a month, i've applied a few but been knocked back so don't know what to do really.

1 go over to dfw boad
2 post an soa on the dfw
3 take advice from the posters who post suggestions where to cut on your spending
4 you suspect you have bad credit so a 3k loan wont come with a low % apr, it will come with an astronomical apr.
5 follow above steps

DevCoder

DCFC79 wrote: »

1 go over to dfw boad
2 post an soa on the dfw
3 take advice from the posters who post suggestions where to cut on your spending
4 you suspect you have bad credit so a 3k loan wont come with a low % apr, it will come with an astronomical apr.
5 learn from the mistakes that led you to ramping up the 3k debt
6 follow above steps

What ^^^ said

I wonder if you guys have this (and other replies) as a copy'n'paste these days as this scenario is so often posted

But, OP, seriously, look at the DFW and your SoA as this tends to leaad to escaping your debt as opposed to just delaying a far worse situation (consolidation is very rarely a good option).

Fae

Ignore rana9 that's about the worse advice possible.

Listen to what everyone else has said, and come over to the DFW board, there is so much good advice and support there.

Fae

musicboy

rana is of course a spammer

poppasmurf_bewdley

rana9 wrote: »

Hi,

If you have a poor credit rating than id recommend you search online oan companies as they are unlikely to ask for past credit history and therefore you are almost garunteed your £3000 loan which is what you need. I recently used kerchingpaydayloans.co.uk which i found was incredibly easy and time saving. All you have to do it enter how much you want to borrow, for you £3000, and they will search the best and lowest interest online loan companies for you, all for free.
It totally worked for me, and i really think you should check it out.

This is about the worst piece of advice I've ever seen on this Forum.

IGNORE...IGNORE...IGNORE

miketaff1408

3 posts tonight by rana9.....

3 endorsements of the payday loans company he mentions.

a load of codswollop spam.

pheonixrising21

krisdorey wrote: »

What ^^^ said

I wonder if you guys have this (and other replies) as a copy'n'paste these days as this scenario is so often posted

But, OP, seriously, look at the DFW and your SoA as this tends to leaad to escaping your debt as opposed to just delaying a far worse situation (consolidation is very rarely a good option).

Good advice on checking your budgets and looking for places to cut costs/outgoings.

However, I have an issue with the statement that consolidation is rarely a good option. It depends on how disciplined you are. If you can resist the urge to spend the extra money on (i.e. not build up more debt on credit cards you clear, etc), then surely getting a loan at a lower APR is better?

However, the banks will see the loan as additional borrowing and will have to make a decision as to whether you can afford to maintain payments on BOTH your current debt and the new debt.

If banks worked more like car dealerships, maybe consolidation would be a better option, but they don't. let me explain what I mean by this.
if you have a car on finance and you decide to trade in for a new car before the finance is paid fully, the dealer makes you a part exhange offer. Instead of giving you this cash and assuming you will pay off the current loan, they pay it off for you, close the old loan down and give you the remainder (either as cash or in the form of the deposit for the new car).
Why can't consolidation loans work the same way? You have £8k worth of debt on 3 cards, 18% APR on all three. You have the opportunity for a loan of £8k at 7% APR. The new loan company DOES NOT give the money to you, instead it gives the money directly to the CC companies and closes down your accounts with them. This removes the temptation to re-spend on the cards as they no longer exist.
IMO, this is how consolidation should work and therefore would be a much better option. Banks do not have assume its additional lending as they can control how the loan is spent, i.e. forcing the payment of the old loans/cards. therefore they can offer lower rates and accept more loans. The consumer gets better rates and pays less interest in the long run.... oh yeah, that why banks don't do this, they get less interest in the long run!!!!