Loans

alansmith7

Hi

Im trying to help one of friends out and her credit rating aint so good, she wanted to take out a loan for 3 to 7 k so she can pay off her credits, could someone tell me which company/bank can she approach so she can get a loan?

Thanks

[Deleted User]

What is her credit history like?
What does she earn?
What are her current APRs?

CherlokHomes

alansmith7 wrote: »

Hi

Im trying to help one of friends out and her credit rating aint so good, she wanted to take out a loan for 3 to 7 k so she can pay off her credits, could someone tell me which company/bank can she approach so she can get a loan?

Thanks

If you mean your friend has not managed their finances properly like missing payments etc then the chance for a loan is slim.

Stabilo_Boss

alansmith7 wrote: »

Hi

Im trying to help one of friends out and her credit rating aint so good, she wanted to take out a loan for 3 to 7 k so she can pay off her credits, could someone tell me which company/bank can she approach so she can get a loan?

Thanks

It's going to depend on a number of factors. If she has missed payments or worse defaults or CCJ's (or even arrangement to pay) on her credit file these will all at the very least push up the APR available and even prevent her get a loan anywhere. You dont say how much she owes and what kind of credit she has (does it have high APR?). If she has a home with equity and a reasonable income this will also make a difference as she could get a secured loan. Getting an unsecured loan with poor credit is virtually impossible. There are some places (like Amigo) that will do it if she has a guarantor)

Good luck

alansmith7

Deleted_User wrote: »

What is her credit history like?
What does she earn?
What are her current APRs?

her credit history is ok, she had tried to get a loan with sainsbury couple of months ago but they rejected her application.

she earns £19k i think

her APR 22 % for one of her loans ( cant believe she said yes to the loan!). on her another credit card its the its the same i think

alansmith7

Innovate wrote: »

If you mean your friend has not managed their finances properly like missing payments etc then the chance for a loan is slim.

she has been managing to pay her monthly payment which she pays the minimum payment. she hasnt missed any payments and she hasnt defaulted on any payments

alansmith7

Stabilo_Boss wrote: »

It's going to depend on a number of factors. If she has missed payments or worse defaults or CCJ's (or even arrangement to pay) on her credit file these will all at the very least push up the APR available and even prevent her get a loan anywhere. You dont say how much she owes and what kind of credit she has (does it have high APR?). If she has a home with equity and a reasonable income this will also make a difference as she could get a secured loan. Getting an unsecured loan with poor credit is virtually impossible. There are some places (like Amigo) that will do it if she has a guarantor)

Good luck

she does have high APR, overall she has got a debt of 5k or so, she have a house in her name and she has been paying her mortgage payment on time. if she was to apply for a loan with amigo would her application get approved or not?

thanks

Tixy

alansmith7 wrote: »

she does have high APR, overall she has got a debt of 5k or so, she have a house in her name and she has been paying her mortgage payment on time. if she was to apply for a loan with amigo would her application get approved or not?

thanks

Amigo APRs are usually around 50% and need her to have a homeowning guarantor - definitely not the way forward based on what you have said about her circumstances.

So her current debts are £5k? how much on loans and how much on credit cards?

And is she looking to borrow £3k or £7k? it will likely be far easier to get accepted for £3k, but the APR may be better on a higher amount.

Another option might be for her to consider seeing if she can get a 0% balance transfer card to shift the card debt to.

Its difficult for people to advise whether she may be likely to get accepted somewhere without understanding the likely reason for the decline from sainsburys.
Has she obtained copies of her credit files? what do they show? any negatives? is she on the electoral roll? is she financially associated with anyone else?

molerat

Amigo offer guarantor loans, which mug is going to take on that role ?

alansmith7

Tixy wrote: »

Amigo APRs are usually around 50% and need her to have a homeowning guarantor - definitely not the way forward based on what you have said about her circumstances.

So her current debts are £5k? how much on loans and how much on credit cards?

And is she looking to borrow £3k or £7k? it will likely be far easier to get accepted for £3k, but the APR may be better on a higher amount.

Another option might be for her to consider seeing if she can get a 0% balance transfer card to shift the card debt to.

Its difficult for people to advise whether she may be likely to get accepted somewhere without understanding the likely reason for the decline from sainsburys.
Has she obtained copies of her credit files? what do they show? any negatives? is she on the electoral roll? is she financially associated with anyone else?

i don't think she has told me the complete truth about her debts otherwise she wouldn't have got rejected by sainsbury bank. im only guessing she has got debt more than 5k ( if i was to guess it would be nearly 10k. i think she has taken out as much as she can get and now shes stuck with all the payments she paying out. she is paying out more than what she is earning.

she did she has seen her credit report and it seems ok and she is on the electoral roll she did check this before buying her house. she is single and not associated with anyone.

alansmith7

molerat wrote: »

Amigo offer guarantor loans, which mug is going to take on that role ?

i would never advise her to take out any loans especially with the APR being 50%