Loans with bad credit history

carina62

Can anyone recommend where I can get a loan from with my bad credit history please? thanks

[Deleted User]

No. Bad credit loans don't exist.

What is the background to your bad credit and what is the loan for?

iolanthe07

Lenders are understandably wary of lending to people who have a history of not repaying, or perhaps don't have any credit history at all, but some lenders will make loans to people with bad credit history. However, the terms are likely to be eye-watering and you will probably be expected to provide a guarantor. The debtfreewanabe board on this site will give you lots of good advice to make savings in your budget so that you might find that you can manage without a loan.

carina62

My credit history is poor at the moment due to debts going back years ago but I am trying to keep a regular update on my file so that I know what's going on but it could take some time before I get a 'clear ish' credit history. I want to help get my daughter on the property ladder and although I have equity in my property, I don't think I will be able to re-mortgage as they said I need a clear credit history so the only way is to get a loan, I am even interested in a secured loan, the amount is for 10k. Thanks

Vikipollard

Have you paid off the debts which date back years? (As in, do they show as having been late/defaulted whatever, but are now settled, or are they still outstanding?)

It would be madness to put yourself into debt (or further into debt) - and even worse, endanger your home - borrowing money to get your daughter on the property ladder.

Why don't you save the monthly amount that a £10,000 loan over 5 years would be (imagining it was at a 25% interest rate), so roughly £280/month for three months without using a credit card or other form of credit to pay your other bills/food to see if you could maintain that?

If you don't have that amount of money spare each month, you can't afford it (even if you get that interest rate).

If you do have that much left each month - what amount do you have in savings?

carina62

I have other thoughts about this - it looks like I am not going to get any loan from anywhere from mainstream banks etc so I just need to 'release' about 10k from my property. Not sure whether to go down the 'equity release' route but you have to be aged 55 for this and I am 54. The other is possibly a secured loan but I think I would need more advice on this so will contact an independent broker for this do you think? In answer to your question above, I have an arrangement with Stepchange (sort of IVA) where I am paying a monthly amount and the money is paid out to my creditors. Just seems ludicrous that I have equity in my house and cannot help my daughter plus I can also pay off my debts with some of the money. I appreciate any advice, thanks

Gaz83

You need to consider whether Stepchange will allow you to raise additional funds whilst on a DMP, which you hadn't mentioned before.

foxy-stoat

I would sort your current debts out before you think about getting more debt.....I would advise against secured loans, your better off down valuing your current property and gifting the cash to your daughter.

afc80

Avant Credit.

https://www.avantcredit.co.uk/

i have a shocking credit history, i got 5 grand at 15% interest rate, yes, high but....

The maximum amount they would have given me was £12500.

Applied for the loan, 15 minutes later i was approved. At 12 that night the 5 grand was deposited in my account.

just needed my latest bank statement to prove my salary was truthful.

[Deleted User]

Sorry OP its madness, make your DD save up for her own deposit.

MEM62

carina62 wrote: »

My credit history is poor at the moment due to debts going back years ago but I am trying to keep a regular update on my file so that I know what's going on but it could take some time before I get a 'clear ish' credit history. I want to help get my daughter on the property ladder and although I have equity in my property, I don't think I will be able to re-mortgage as they said I need a clear credit history so the only way is to get a loan, I am even interested in a secured loan, the amount is for 10k. Thanks

Whilst your desire to help you daughter is admirable, you are not in a position to do so. You need to be in a far stronger financial position yourself. Helping her from savings or liquid assets is one thing - borrowing to help her, particularly in your position, is financial folly.