Blackhorse loan any one?

Tony114

Hi,

I would like to know if anybody have experience with Blackhorse loan.

will they lend to ppls with poor credit history??

I currently have about 10 searches on my credit file in short time.

will they lend?

or coz of searches they can't?

mrcow

Hi Tony,

If by Black Horse, you're refering to Lloyds, then yes I've had two loans with them in the past and both were fine (but I do bank with them).

Have you tried your bank BTW? as they are often a good bet as you have a history with them.

I am concerned by your post though, as it implies that you have been knocked back on finance a few times recently? (I'm aware of the NR problem from your other thread).

If you haven't, then don't read any further!

If you have had rejections and are still applying for credit, then it may smack a bit of desperation on your credit file and you may just get knocked back again, or will get a much worse deal than advertised because of damaged credit rating.

Is the loan absolutely essential? If it's for a purchase, then maybe it's worth having a rethink? Or putting it off for a while? If that's possible? If it's for any sort of debt consolidation, then there may be better ways of dealing with this (if you were to post details then there are lots of resourceful people on this site who would be able to offer ideas).

I'm seriously not trying to get too personal or heavy, I just don't want you to sign up to an sub-standard or expensive loan agreement because you feel that there are no other alternatives.

mrcow

fatboyonadiet

I had a loan with them with no major problems or worries. Was for a large amount too.

Tony114

Hi,

You both guys are lucky.

It seems my stars not good these days. Blackhorse decline too, even they said at moneysupermarket.com that they provide loan to poor credit history ppls.

dont have any option now

mrcow

Hi Tony,

Sorry to hear that.

As I said before, you may be making your credit file look worse by these applications. I think that you need to order a copy of your file and sort out whatever has caused the problems before you look towards any extra borrowing.

Tony114

Hi mrcow and fatboyonadiet,

Like you guy's know i didn't get Blackhorse loan.

So i phoned to blackhorse to ask why you declined, they said they dont have my application on their system. I have applied thru moneysupermarket.com, so i write them eMail for explanation, got reply today as follow:

Dear Mr.Tony,

Thankyou for your recent email query in regards to your loan application. All Blackhorse loans applications made via Moneysupermarket.com are sent to an Independent credit checking company called Freedom finance. Freedom do an first check, then they pass on applications that have been ''Provisionally accepted'' to Blackhorse to process. Your application was declined at the first stage. If you have any further query do no hestitate to contact us.

---

Now thats y i thought blackhorse is specialist for poor credit history ppls, why they refused me. they can quote high Apr.

What you guy's think? should i direct approach them?

What you guy's made application thru?

Regards.

mrcow

Hi Tony,

Sorry to hear that you were knocked back. I personally don't think that applying directly to Black Horse will do anything other than end in another rejection on your credit file.

I would refer to you my earlier post and would question the purpose of the loan. If it is to cover existing debts, then there are other (better!) ways to do this without going for further loans. A good place to start for ideas is to post on this forum. If it's for a purchase, then I would recommend that you look to evaluate whether this is necessary given your current credit record.

I would also recommend that you order a copy of your credit file to check through. If you are looking to go with a lender who specialises in lending to customer with poor credit ratings, you ARE going to get ripped off. IMO it's much better to repair your current problems rather than looking to add to them.

mrcow

fatboyonadiet

Maybe apply direct, but be also listen to what mrcow says, how much of a rush are you in? And what's the loan for as there might be better options available. Get a copy of your credit file in the meantime.

burbs_2

I cannot see why Black Horse would consider giving you a loan if you have already applied through MoneySupermarket and got rejected at the first stage. Surely they will know this when you approach them direct and again just reject you - thus giving you even worse credit.

What is it you are so desperate to get the money for and what sort of amount are we talking about? I use Black Horse as a finance package at my car showroom and its not very often i find people being rejected.

Tony114

burbs wrote:

I cannot see why Black Horse would consider giving you a loan if you have already applied through MoneySupermarket and got rejected at the first stage. Surely they will know this when you approach them direct and again just reject you - thus giving you even worse credit.

What is it you are so desperate to get the money for and what sort of amount are we talking about? I use Black Horse as a finance package at my car showroom and its not very often i find people being rejected.

Hi guy's,

We are talking about here for 3000 pounds and all i can say is it's not for consolidation.
well, as Burbs said i am already got rejected at first stage and they will know this when i direct approach to them.

then howcome when i phoned Blackhorse direct to ask about reason they said they don't have my details on their system.

fatboyonadiet

As they didn't reject you directly the first time they might not reject you the second, BUT as have been rejected once you are likely to be rejected twice as it is likely that you have a poor credit rating/history file.