Credit

Dfarkas0

I need a loan of £5,000 but due to my credit i am unable to get a loan or even a credit card, i have to pay out almost £5000 within the next week, any ideas as to what i can do?

I am starting a new job in Sept which i will be earning of £3,000 a month so paying back with interest shouldn't be an issue.

Any ideas as to how i can go about obtaining such loan or am i dead in the water and nothing will happen?

Emmia

1. Why do you need £5k in a hurry?
2. Why is your credit poor? Debt? Lack of history?

CliveOfIndia

Presumably you've tried some eligibility checks with various lenders?  Have you checked all three of your credit files to make sure all the data are correct, and that there are no negative marks recorded?

Unfortunately, the fact that you're due to start a job next month will have no effect on your current credit status.

If you are unable to obtain credit, the next logical question is to ask why you need the money so urgently.  Depending on the reasons, there may be alternative options available.  Can the payment be deferred, are there alternative forms of finance available?  For instance, if it's for tuition fees then the training provider may offer some form of finance package.  If you can let us know what you need it for then very often folk can come up with alternative options.

Dfarkas0

My credit is bad due to my younger self getting into debt.

I need the £5k in a hurry to pay of a debt before I start my new job

CliveOfIndia

Is this the same debt that you discussed on your other thread?   https://forums.moneysavingexpert.com/discussion/6537610/advice/p1

If so, then it would appear to be futile to attempt to rob Peter to pay Paul.

Given that you're highly unlikely to secure additional lending, you need to come up with an alternative strategy.  Who is the debt owed to - is there room for negotiation on repayment timescales?

Do you have to repay the debt in order to secure the new job?

If you can provide us with all the pertinent details we may be able to offer some constructive advice.

Emmia

Dfarkas0 said:

My credit is bad due to my younger self getting into debt.

I need the £5k in a hurry to pay of a debt before I start my new job

If you borrow £5k to pay a debt,  you still have a debt. You just owe that money to company B rather than company A.

Dfarkas0

Emmia said:

Dfarkas0 said:

My credit is bad due to my younger self getting into debt.

I need the £5k in a hurry to pay of a debt before I start my new job

If you borrow £5k to pay a debt,  you still have a debt. You just owe that money to company B rather than company A.

A would be urgent and B would give me time to pay back

Phoenix72

Based on your other thread you have zero chance of borrowing £5k this year let alone this week

CliveOfIndia

Dfarkas0 said:

Emmia said:

Dfarkas0 said:

My credit is bad due to my younger self getting into debt.

I need the £5k in a hurry to pay of a debt before I start my new job

If you borrow £5k to pay a debt,  you still have a debt. You just owe that money to company B rather than company A.

A would be urgent and B would give me time to pay back

It really doesn't help people to help you if you won't give full details of the issue.

As has been stated by several people already, from the information you've provided so far you have zero chance of getting a loan - not that it would probably help much even if you could get one.

Unless you're prepared to be a little more open about the situation, I can't really see what help you're expecting from other forum users.

Brie

If you have a £5k debt and get a loan for £5k you then have £10k of debt.  Even if you intend to use the loan to pay the other the bank giving the loan has no guarantee that will happen.  They have to look at you as someone who is trying to pay £10k off.  If the original debt has any defaults, missed payments etc you become an even greater risk.  

So, no, it's incredibly unlikely to be possible to get £5k this week.

MEM62

@Dfarkas0 You cannot borrow your way out of debt.  

Emmia said:

Dfarkas0 said:

My credit is bad due to my younger self getting into debt.

I need the £5k in a hurry to pay of a debt before I start my new job

If you borrow £5k to pay a debt,  you still have a debt. You just owe that money to company B rather than company A.

A would be urgent and B would give me time to pay back

Additionally, if you have no cash then lender A has no choice but to wait for their money.  No point in moving the debt to someone else.  You would benefit from taking a look at your relationship with money and, in particular, your borrowing.  Your future self will be very grateful that you did.  

Hope you manage to get your self sorted out.