Loan poor credit

Legacy_user

Hi

I am looking for a £1000 (or preferably £1500) loan however I have quite a bad credit score. I'm not looking for a credit card since I need the amount in cash.

I am 18 years old and earn # per annum, I just don't want to start randomly applying for loans which may further damage my rating. I would also prefer not to have a guarantor on the account since I don't have anyone close enough in the position to help me with this.

Any suggestions would be appreciated.

Regards,

heartbreak_star

If you earn that good a wage can't you save instead? Shouldn't take you more than a couple of months...

HBS x

fozmcfc

Something tells me the OP is on a windup.

18 years of age, earning that much money and not being able to afford such a small amount.

Previous post in 2009, when they must have been 14, possibly 13, signing up for a mobile phone contract.

Yeah right, school holidays are upon us.

System

Hi

Please don't be so doubtful, I am 18 years old and I do earn the salary I mentioned above. Whether you choose to believe that is up to you. Also the mobile phone posts from a few years ago were actually in my mum's name, it was easier to word it as I did.

I have recently had a pay increase to the above amount but this only takes effect on 1st April. Until then I could do with the above amount of money to put towards a new car since mine has just given up, I still need to get to work and I am currently quite skint. Paying back the loan is going to be no issue.

Please if you don't have anything helpful to say then don't bother saying it.

Thanks again.
Luke

DCFC79

What is it you do to earn £34400 per annum ?

Your own bank is best place to ask. Why have you not been saving ?

Tixy

What is on your credit file currently that is negative, giving you the 'bad credit score'.

How long do you want the money for - just a month? your own bank for a temporary overdraft would be the best place to ask.
Or your employers may well be willing to provide you with a staff loan to be paid back over the next couple of months if without it you won't be able to get to work.

Or if you already have some savings, and this is just a top up amount, could you look at hiring a car for a couple of months (or buying one a bit cheaper).

System

I work for a global outsourcing IT company as an application consultant. I was hired straight from school and have worked here for 2 1/2 years. Besides this I also own 2 companies, a small IT firm which specialises in website design and I also own a self-storage facility.

Unfortunately my savings have been absorbed by the car I mentioned above. It has set me back a lot of cash and is now beyond economical repair - I now need something cheap and cheerful to get me by until my pay increases.

Thanks for the response it is appreciated.

System

Tixy wrote: »

What is on your credit file currently that is negative, giving you the 'bad credit score'.

How long do you want the money for - just a month? your own bank for a temporary overdraft would be the best place to ask.
Or your employers may well be willing to provide you with a staff loan to be paid back over the next couple of months if without it you won't be able to get to work.

Or if you already have some savings, and this is just a top up amount, could you look at hiring a car for a couple of months (or buying one a bit cheaper).

Thanks for your response. I suppose a temporary overdraft is a very good idea, I did not really realise this was an option the banks offered. I will book an appointment at lunch and let you know how this goes.

I will also ask my employer if this could possibly be an option, again I was unaware this may be an option. Unfortunately due to my age, hiring a car is not something that is offered by hire companies.

Thanks for your suggestions, they are greatly appreciated.

Tixy

I suppose a temporary overdraft is a very good idea, I did not really realise this was an option the banks offered.

What is showing on your credit files currently - they will almost certainly perform a credit check when making this decision. Also have you run the account with them well? never gone overdrawn/over your overdraft limit.
Presumably they will be able to see regular salary being paid in from your employer.

Is there no money in either of your limited company accounts that you could withdraw for a short period? Do either of the company bank accounts have an existing overdraft facility?

DCFC79

lukechris wrote: »

I work for a global outsourcing IT company as an application consultant. I was hired straight from school and have worked here for 2 1/2 years. Besides this I also own 2 companies, a small IT firm which specialises in website design and I also own a self-storage facility.

Unfortunately my savings have been absorbed by the car I mentioned above. It has set me back a lot of cash and is now beyond economical repair - I now need something cheap and cheerful to get me by until my pay increases.

Thanks for the response it is appreciated.

Is that the car you had problems with last year ?

System

DCFC79 wrote: »

Is that the car you had problems with last year ?

I've had loads of cars since passing my test - I had to fork out and pay off the finance on that car. I then purchased another car with cash, I have learnt my lesson, never to buy a second hand car on finance again no matter how good it looks!

Tixy wrote: »

What is showing on your credit files currently - they will almost certainly perform a credit check when making this decision. Also have you run the account with them well? never gone overdrawn/over your overdraft limit.
Presumably they will be able to see regular salary being paid in from your employer.

Is there no money in either of your limited company accounts that you could withdraw for a short period? Do either of the company bank accounts have an existing overdraft facility?

Hi thanks for this response - you have brought up a very valid point here. I can simply take a directors loan from my company, interest free! I'll definitely go with this option over trying to obtain a loan.

Now I just need to sort out my credit file.

Thanks for your help everybody.