Bad Credit Loan

davidlowe77

Hi,
I'm looking for a loan approx £13500 over 5 years to finally pay off my debts and hopefully at the same time reduce my payments. My problem is all i seem to find are companies who want to charge a silly ammount of interest.

My credit history is poor but I'm now on a settled salary. The problem is no one seems to want to help me.

Any ideas??

robber2

Without knowing your annual income its hard to say but with that level of debt you will not get a loan on a reasonable interest rate unless your salary is in excess of £60k

Sorry

poppasmurf_bewdley

Ever since the financial crisis began to bite, all loan companies have been much stricter when dishing out loans to people.

Loan companies which offered loans to people with poor credit no longer exists. Companies such as Yes Car Credit and Welcome Finance have gone out of business because they found out that people with poor credit often didn't pay their installments (surprise, surprise).

You need to keep your nose clean for a couple of years, keep your credit file good, and then think about a loan.

Do not go onto the internet and enter your debit/credit card details into sites promising you a loan if you give them your card details 'for verification' as they will debit your card for sums like £49.99 or £79.99 and sell your details on to other similar scammers.

You will not get a loan, unless you go to the local loan shark or door to door loan company who will give you a few hundred at stupid interest rates.

19lottie82

Borrowing £13.5k won't "pay off your debts", you're just taking out MORE debt!

Unfortunately, the only "bad credit" loans, as you have found out, are those who charge wild amounts of interest! You won't find a lender who will who is going to offer you a low APR I'm afraid.

Instead of chasing non existent loans that you think will make things better for you (they won't), pop along to the debt free wannabe section of the board where the posters will be great at helping you work out how to pay off your cards and change your attitude towards debt.

dealer_wins

Post on the "debt free wannabe" board.

Be prepared to cut your expenses to the bone, but if you are willing to do that they will help you get debt free rather than wandering through life making loan repayments.

DCFC79

Your going to have look at your spending to get these debts paid off quicker.

I cant see you getting a loan but this is based on not knowing your salary.

Post an soa on the debt free wannabe board.

chris1huk

try quidcycle, they are a peer to peer site who try to help people struggling with debt. they pay off all your lenders directly and close your accounts. arrange a free meeting with financial advisors once a year and offer financial education yearly to receive an interest rebate at the end of your loan term

for me they charged the lowest interest rate on the line of credit they were paying off

I was struggling with payday loans and credit cards, but these guys really helped me and changed my life