Being refused for loans...

hevaaa

I am currently looking for a loan of £5000. I have just paid off an Egg Loan of £8000, on which I never missed a payment.

I called up Egg to see whether I could get a new loan and they have refused me. I have also tried the Post Office and they refused me as well.

I can only think that they are refusing me because last year I got into a pickle with my overdraft and incurred quite a few charges.

The loan is to pay off a friend who basically paid off all my debts to help me out, but now needs the money back. I thought at the time it would be easy for me to get a new loan to pay him back whenever he needed it, but I am struggling to get accepted.

I'm not sure what to do, I am not keen to keep applying to different loan companies and keep getting refused...as this will surely effect my credit rating even more?

Any advice appreciated.

_Andy_

I think the next step would be to get hold of you credit files with Experian and Equifax to establish exactly what the issues are on there (e.g. defaults, etc.) that are causing you the problems getting accepted.

bigstevex

The old problem of lending money off mates. Would your mate not accept repayments off you with equivilant interest? He/she could make some money then too?