Need some advice...

_simon1_

Hi I was looking some advice regarding getting a loan... My credit is poor at the moment im sitting with a credit score of 555.. I need a loan of £5000 I can secure this loan on my property I own my home outright and its worth around £80,000. I have been employed with my current employer for almost 6 years. Can anyone point me in the right direction to a lender that would be willing to help me out??


Thanks

Tixy

What on your credit file is making it poor? Not the score but the actual detail on the report - do you have unpaid CCJs?or defaults?, have you been bankrupt or other form of insolvency in the last 6years?

£5000 is below many lenders minimum for a mortgage/secured loan. It may be possible to borrow more and repay straight away what you don't require, however it could end up costing substantial fees.

What repayment term were you hoping for to repay the loan?

_simon1_

Ive a few defaults on my file... Currently paying of any outstanding balances with the companies I owe.. I ended up in this situation being out of a job for a year when the company I worked for went bust. I want this loan really to pay all these companies off and just have 1 payment everything month. The loan term payable for 36 months.


I have a Vanquis credit card which has brought my score up from 380 to 555 in the last six months as I pay in full each month what I spend.

Tixy

Are the defaulted debts still charging you interest?
If not then it would be much cheaper to continue repaying the existing debts rather than looking to take out an expensive new loan.

If the problem is that the currently monthly repayments are higher than the wanted loan repayment would be then write to your existing creditors to renegotiate lower repayments.

_simon1_

Yes they are still charging me interest and im getting nowhere fast... The £5000 isn't just to clear of debts but also for fitting a new bathroom in my home as I need one badly... Is there no company that will take me on?? A loan is what I want here...

Tixy

Is there no company that will take me on??

There are companies that offer subprime secured loans yes. Whether they would be likely to lend to you would depend on what your credit file shows, your level of income and financial circumstances.

They generally have sizeable upfront fees and the APR won't be cheap (and may well be variable and rise during the course of the loan).

Pixie5740

For a £5,000 loan with a poor credit history you are either looking at one of those guarantor loans with the high APR or a sub-prime secure loan also with a high APR and a long term. For the former you would of course need to rope some poor sap into being the guarantor and for the latter option you risk losing your home.

Is your current bathroom still functional? If it is then just focus on paying off your existing debts and then save for a new bathroom. I know it's not the ideal scenario for you but it's better than the other two options.

[Deleted User]

JohnHoward123 wrote: »

These sites will provide you loan even you have bad credit.

Good effort. Spam reported.

Please bring on the next contestant.

Caz3121

JohnHoward123 wrote: »

These sites will provide you loan even you have bad credit.

but are of no use to the OP, the first one is a comparison site, the 2nd advertises that they will lend you £500 till payday at a representative APR of 2090%....OP wants £5k over 3 years not £500 till payday!
surprised you didn't try to spam the site you have as your 'homepage'