Salary Finance - poor credit score

elche2024

I'm considering applying for a loan with Salary Finance who work with my employer. They say they have higher acceptance rates, but my credit score is rated "very poor" at 495 with TransUnion which is the referencing agency that Salary Finance use. 

I've recently had quite a good increase in salary after moving jobs and it would be affordable. The reason for the loan would be to consolidate debt on higher interest, reduce the debt by getting reduced final settlements and hopefully purchase a car as my wife's car has seriously seen better days.

Has anybody any experience with this company? I'm just wondering if it's even worth applying with my credit rating? Any insight would be appreciated 👍🏻

molerat

Your score is irrelevant, it is a made up number. It is what is on your file that counts, although a low score could mean there are a few nasties lurking on the file.  Any missed / late payments, defaults, CCJs ?

elche2024

A few missed payments from 2023. Nothing else.

Brie

Consolidation loans are rarely a good idea and hard to get as you are doubling your amount of available credit which then usually gets used up.  When people tell a loan company they want a consolidation loan there's the risk that the loan will be granted, get blown on the horses and the person has double the debt they started with.  It tends to be a high risk thing with high interest rates to go along with it.  

My suggestion is that if you need a car loan, fine.  Aim to get a car loan.  Or more correctly maybe your wife should aim to get a car loan if it's for her.  (just a thought).    

And maybe hop over to the debt free board to pick up a statement of accounts.  Fill that in and post it there and there will be lots of great ideas on how to beat your debts down without taking on a loan.   

secla

They probably have better acceptance rates as they take straight from salary so you dont really have the option of not paying as long as your employed there.
Do take a look at theres terms for repayment if you leave or get made redundant though before you sign up