I need a loan!

SammyD89

I’ve recently been declined for further lending by my bank, apparently due to not meeting their criteria, although no one has actually spoken to me or reviewed my situation manually.

Unfortunately, I’ve been the victim of identity theft which has impacted my credit profile - something I’m actively working to resolve, but it’s clearly affecting automated decisions.
The issue I have is that I need to carry out essential work on my home (specifically heating), so delaying isn’t really an option.

I’m trying to understand the best route forward in this situation - whether that’s alternative lenders, 0% credit options, or any other realistic solutions people have used in similar circumstances.

Ideally looking for something sensible that doesn’t make things worse long-term, as I expect my credit position to recover once the fraud issues are fully resolved.
Any advice or experiences would be really appreciated.

Grumpy_chap

https://forums.moneysavingexpert.com/discussion/6663317/i-need-a-loan

Have you obtained CIFAS protection?

How have you achieved satisfactory heating over the past winter?

Given the summer is starting, can you save in advance of getting the heating?

As an alternative, can you achieve heating by using low cost electric heaters? I accept this might not be a good long term solution but it will provide heating in the short term and allow you to save up for the heating thus avoiding the need for a loan

SammyD89

I'm currently on storage heaters, but they're 25 years old and I have 2, one has fully failed now and the second isn't heating up as much. Luckily we got through the winter with both.

fwor

As Grumpy_chap suggests, it's likely to be much more cost effective to just get a temporary cheap electric fan or radiator type heater or two, to tide you over while you save up for the work to be done. The electricity will (obviously) be a bit more expensive but you shouldn't need much of it, given the time of year.

TroubledTarts

There are of course 0% free period for purchases credit cards that could help but as mentioned above we are coming out of the cold now so you could maybe save the money before October this year to pay for a replacement(s) storage heater.

ManyWays

You are unlikely to be able to get a 0% for purchases card if there are big problems on your credit record at the moment. And "alternative lenders" would be extremely expensive.

Sorting out your credit record has to be your top priority, the https://forums.moneysavingexpert.com/categories/credit-file-ratings board is probably your best place to post to get help and suggestions.

MattMattMattUK

You need to sort your credit report first, no one is going to lend to you until you do that, but realistically that should take 2-4 weeks at most.

As others have said you can use a small electric heater for a while and we are also at or close to the end of the period when heating is needed anyway, so very little reason to rush into things.

born_again

https://forums.moneysavingexpert.com/discussion/6663317/i-need-a-loan

If you applied online, then I would suggest ringing your bank & speaking to someone about a loan. This means that you would be able to explain the situation to them, which should be something you made them aware of at the time it happened.