HELP! Have to get a £8k loan

lexa34

Hello,

I am in a situation where I have to get hold of £8000. I earn £35k and have about £12k of unsecured debt but I was going to get a mortgage recently so had a few seraches on my already not perfect credit file.

I will be able to pay off the loan with my salary which is going to be boosted by a new lodger PLUS I am going to do a SOA this coming weekend so doulbe sure I will be on the right track.

But as you can see I can't sleep as I know I need to get £8000 in the next two weeks and a loan seems the most logical answer. I have already asked richest family member but he said he has an arrangement with the bank so they don't do what he does for a living and he doesn't lend money. Ha flippin' ha. Wish I was laughing right now.

Last month when I rang for a quote the bank gave me the news I was automatically eligible for a loan at quite a high rate and this, I thought was to be my unfortunate option but when I called them they said that this had now changed and to ask again in 3 months. Great, so I am needing this money, with a "needing improvement" credit file score rating thingy not knowing how to get a loan without messing up my file even more.

I have looked down the back of the sofa and there was 50p there so make that £7999.50...

In short, does anyone have any advice on how to get a loan with not too much of a painful rate with a rather ragged credit file and not a homeowner without getting totally ripped off or can anyone telling me how they got on with a loan broker?

Many thanks in advance for any responses I get!
Best wishes:rolleyes:

Scarlett.1974

Hi Lexa,

I'm only going to ask what everyone will be thinking - what do you need it for? If it's to consolidate other debt then no, no and NO again! I see you already have £12k of debt - do you REALLY want to make this £20k?

Is there no other way? Do post your SOA when you've done it along with details of your existing debt (see the sticky at the top of this board for help on how to do this) and give us as much information as you can

I'm not sure if you're going to get the responses you're looking for here to be honest. This is, after all, the "Debt Free Wanabee" board and taking out more borrowings is generally not advised here. But, they're a fabulous bunch of people here who WILL want to help you, I promise, but I'd be surprised if anyone will advise you to get this loan. If your credit rating is looking a bit shaky anyway then you might find it very difficult to get one that's not at a shocking rate.

Please - give us some more info, tell us what you need the loan for, post your SOA and see if there's another way around this.

Best of luck,
Scarlett xx

lexa34

Thanks Scarlett, I can see it must look daft but it isn't to consolidate my other borrowing and I can't say why I need it so this will look even more odd. I guess if what you say is correct then I will just have to give it a whirl blind.

I feel very worried about everything; plus I don't want the extra debt but it is my only option.

I apreciate your post and honesty, thanks.

Best wishes

Emmzi

lexa,

usually when people post that they 'need' a loan quickly and can't say why, it's one or more of

- gambling debts
- have borrowed money from someone dodgy and need to get cash to repay them before they get 'injured'
- propping up a new start business
- needing a loan to repay other debt which is in arrears
- something illegal, like debts from an addicition

And sometimes the 'need' is for something like 'I need liposuction' or 'I need a really cool car.'

With the exception of the last 2, we can probably offer advice on youe situation if you are honest. Feel free to post again under an alias if it makes you more comfortable. You won't get easy answers, but with the thousands of people who read this board every day, someone will have been there, survived, and have their experience to share.

xx

Karmacat

Hello Lexa

Welcome to mse. I'm just posting to echo what Scarlett and Emmzi have said. From your first post, you *know* yourself that if you try to go for a loan, you *are* going to get ripped off on interest rate etc.... you have nothing to lose from posting what's really going on -and you can see from my posting name that you can do it under an alias if you're too frightened under your own name. Good luck.