Getting a loan with a bad credit history ?

cashew1992

Me and my OH are pretty desperate to get a £500 loan, but due to myself not having a credit history and my OH having a bad CH the bank isn't willing to help. We went into Lloyds bank today after a worrying 15 minutes wait they checked out current account and said "There isn't currently anyway we could offer you a loan or overdraft".

We've looked at loan comparison sites and they flagged us as not suitable.. We've just moved into a small flat so we can manage the bills fine and are on top of everything, we don't owe any companies and we've had DD's going out fine for the past 2 years but its not made a difference sadly.

We only need £500 to help with a £300 rent arrears but that's owed to my partners father, we pay the mortgage payments but missed a half payment last month and he paid it for us, and need a little left over as we're expecting a baby in the new year.

We're going to try our local Credit Union to see about a loan from them

But are there any options from here?

DCFC79

cashew1992 wrote: »

Me and my OH are pretty desperate to get a £500 loan, but due to myself not having a credit history and my OH having a bad CH the bank isn't willing to help. We went into Lloyds bank today after a worrying 15 minutes wait they checked out current account and said "There isn't currently anyway we could offer you a loan or overdraft".

We've looked at loan comparison sites and they flagged us as not suitable.. We've just moved into a small flat so we can manage the bills fine and are on top of everything, we don't owe any companies and we've had DD's going out fine for the past 2 years but its not made a difference sadly.

We only need £500 to help with a £300 rent arrears but that's owed to my partners father, we pay the mortgage payments but missed a half payment last month and he paid it for us, and need a little left over as we're expecting a baby in the new year.

We're going to try our local Credit Union to see about a loan from them

But are there any options from here?

You can try the credit union but they may only help out if you have been saving with them for X amunt of months.

Whatever you do do not pay a fee on a website if they promise to find you a loan even if they promise the earth just dont do it.

Can you reduce your spending so you can build up some savings for the baby ?

CLAPTON

are you employed

what's your incomes

Tixy

It sounds like it would be worth joiing a credit union and starting to save with them. You'd then be able to borrow from them in the future if you have an emergency. Is that what happened last month so you couldn't afford your mortgage/rent payment?

How much can you afford to repay father a month - could you afford say £50 a month and would he be happy with that?

What is the extra £200 for? Borrowing to have some left over doesn't make financial sense, unless you need it for a specific purpose.

What negative issues does your partner have on their credit file? how long until they no longer show? You say you don't have a credit history, but then mention a mortgage. A mortgage would appear on your credit file.

iolanthe07

Perhaps you could ask your partner's dad to wait a bit until you get things straight. He may be only too happy to help ,and this would be better than getting some high interest loan from a bottom feeding lender, as your own bak won't help you.

worried48

Ask partner's father if he could please wait. Chances are he doesn't seriously expect to get the money back as I assume he knows you are struggling. If you tell him the only way you can pay him back will be by getting a payday loan or Provident, he might well prefer to wait rather than let you fall into that trap.

Meanwhile, make it very clear to everyone on your Christmas gift list that there will be no presents this year. That includes each other. Tell them you are skint and need to save every penny for the baby. Chances are they will take the hint and give you some baby money when the time comes.