Loan with bad credit

poorandconfused

I have poor credit, due to being unemployed through ill health for several years. I am job searching but poor health along with long employment gap means employers don't look at my application twice.

I owe someone (personal) around £4000. I'm currently repaying them at £50 per month. Their circumstances have changed and they now need the money back ASAP, with preferably at least £2,000 in the next couple of weeks.

I have other debts which i'm repaying regularly.

Is there any way I can get a loan (or other credit) for the £2,000 (would preferably be £4,000 but accept that that's virtually impossible in my situation) when I have poor credit? I can afford to repay £50 per month and we have an agreement that if I can repay £2,000 ASAP then I can repay the rest when I am working providing it's in the very near future. I have nothing of value to sell.

Please help. I don't have anyone I can ask to lend me the money, nobody I know has that kind of money.

TadleyBaggie

With little income and poor credit record, no one (reputable) is going to give you a loan I'm afraid.

~Beanie~

The only people likely to lend you money are the kind that will smash your kneecaps with a sledgehammer if you don't pay.

Seriously, with no job and poor credit, there really is no way that anyone will lend you a penny, sorry.

poorandconfused

Are credit cards an option?

I know more debt is a bad idea and goes against what this forum is about, and that i'm likely to pay a fortune if anywhere was to lend me money. But i'm desperate. And the person who gave me the money needs it back. I don't know what else to do.

dealer_wins

No chance of a loan, not even 1%.

Best thing to do is move away and change you name by deedpoll.

If the person you owe the money to is not a thug, you may be able to continue paying £50 a month.

DCFC79

You could try a CC but there's no way of knowing what limit you would get or even get accepted.

BillJones

poorandconfused wrote: »

Are credit cards an option?

I know more debt is a bad idea and goes against what this forum is about, and that i'm likely to pay a fortune if anywhere was to lend me money. But i'm desperate. And the person who gave me the money needs it back. I don't know what else to do.

As above, I'd have to agree with the others, sorry, you are not going to find a loan.

It's not a question of how much interest you are willing to pay (but, on that front, how would you intend to pay it?), but of whether the lender believes that you'd pay them back at all. You will probably not find a reputable commercial lender who will be able to help.

iolanthe07

If your creditor agreed to £50 a month, and you are sticking to your side by paying it on time and in full, then I'm afraid your creditor will just have to suck it up.

27col

It would appear that your creditor has a problem, and is trying to solve it by making it your problem. Keep on paying what you agreed.

DCFC79

Your paying as much as you can, they can't do anything except keep on at you to pay more. They might try the guilt trip on you.

MEM62

Whoever lends you the money is going to be in the same position as the person you already owe money to when they want paying back. With respect, you will be viewed as highly likely to default and I doubt that anyone will lend to you.

Unfortunately, the person to whom you owe this debt is going to have to accept that he is not going to get his money back anytime soon. It is unfortunate if his circumstances have changed but he will have to make other arrangement to deal with his situation. (I am sure that if you had the £2K you would have paid that back already)