How best to get a loan poor credit rating

Lancimus

Hi,

I'm fully aware that my credit rating isn't great, my callcredit says poor and my experia says that it is ok.
I cannot seem to get a loan when, in the past, I have applied for some via the internet.

My question is, is it best to go in to my bank & ask for a loan? Will it give me any more chance of being accepted than by applying online to them or through anybody else online?
My loan is mainly for debt consolidation.

Thanks for any help

Stuart_W

Lancimus wrote: »

My loan is mainly for debt consolidation.

If you have a poor credit rating, you may find that you are unable to consolidate at an interest rate that is any lower than what you are already paying, making consolidation a waste of time, unless you are looking to extend the length of your debt by reducing monthly payments.

What are rate are you currently paying, and on what size of loan(s)?

Then compare this with what your current bank are able to offer you.

BugsyBrowne

Poor credit history = No loan end of.

poppasmurf_bewdley

Even individuals and companies with a good credit history are being turned down for loans by all the banks.

If you have a poor credit history, you stand no chance with them. Your only option will be the bottom feeders/payday loan companies/loan sharks.

Yet again, I have to ask why do you want to consolidate? Consolidation loans always cost more than other types of loan and you end up putting all your eggs in one basket.

DCFC79

go over to the DFW board and post an SOA.
Cut back on all spending to then throw more at the loans.

Its not what you wanted to hear but its true.

Try your own bank to see if they could help but its not a dead cert.

dresdendave

Please follow the advice of DCFC in above post.

You solve debt problems by repaying more, not borrowing more.

geoffky

Debt for debt= recipe for disaster.

fracturedsun

There's a certain amount of 'how long is a piece of string' aspect to that question. When you say you have a poor credit rating what do you mean? Do you have a good relationship with your bank and always pay on time? Because if so they may be willing to help you.

Last year my bank happily gave me a loan which covered my credit card and overdraft ~£7000 (actually they wanted to give me more but I refused), which I have now almost finished paying back (they keep offering to give me another when I ring up to make extra payments... er, no). Now I wouldn't say my credit rating was ever great. A low(ish) salary, high credit usage and changing address every couple of years however I had been with them for several years and had never had a late payment or default so I guess that must have evened it out.

So it may be worth asking your bank, if you have a good relationship with them... having said that though be honest with yourself have you dealt with the reason you were in debt in the first place? Will you stop spending on credit, or only spend what you can pay back every month? If the answer to both of these is a definite yes then go for it. If not you're probably better off trying to cut down your expenditure and paying off the existing credit as quickly as you can.