Bad Credit Loans

edited 30 November -1 at 1:00AM in Loans
6 replies 1.1K views
dips1105dips1105 Forumite
35 Posts
edited 30 November -1 at 1:00AM in Loans
Does anyone know what companies are the best to go through when you have bad credit and have been refused left right and centre.

Replies

  • depends if you're a homeowner-are you
    Loan-£3600 only 24 months of payments to go!!!
    All debt consolodated and cards destroyed!!
    As D'Ream would sing 'Things.....can only get better'!!!
  • No I am a tenant.
  • Hi - I would first try directly with your own bank as they will see you have a bank account with money going into it etc (assuming you do!). You didn't say who had already refused you?

    STAY away from people like Yes, Welcome, Wentworth etc. They will charge you extortionate APR%. You should, however, be prepared for a fairly high APR where ever you go (assuming you get accepted) if, as you say, you have bad credit and have been refused elsewhere.

    You could try Lombard Direct? I've had a good experience with them and they gave me a decent APR. Although I'm not sure what other people might say about them.

    Of course, and I know this is seroiusly obvious, really think about whether you need a loan. If you have bad credit then I assume this is through defaults, late payments etc on other loans/cards? So do you really want to add to this? If you could perhaps ask a family member or friend to help you out that might be better? Sorry - obvious I know but always worth saying!
  • Hi - I would first try directly with your own bank as they will see you have a bank account with money going into it etc (assuming you do!). You didn't say who had already refused you?

    STAY away from people like Yes, Welcome, Wentworth etc. They will charge you extortionate APR%. You should, however, be prepared for a fairly high APR where ever you go (assuming you get accepted) if, as you say, you have bad credit and have been refused elsewhere.

    You could try Lombard Direct? I've had a good experience with them and they gave me a decent APR. Although I'm not sure what other people might say about them.

    Of course, and I know this is seroiusly obvious, really think about whether you need a loan. If you have bad credit then I assume this is through defaults, late payments etc on other loans/cards? So do you really want to add to this? If you could perhaps ask a family member or friend to help you out that might be better? Sorry - obvious I know but always worth saying!

    Thanks for that - family/friends are out of the question - they don't have the dosh to spare. I wouldn't add to the debts already if I wasn't desperate! I didn't think the bank would help considering the bad credit situation?

    My car is with Welcome and I keep getting approval texts/letters but when I ring them up they say I can't have a loan of the HP on the car - the car is in joint names so I can't figure this one out.
  • Davidp77Davidp77 Forumite
    44 Posts
    Part of the Furniture Combo Breaker
    The only advice I have is that a couple of years ago I was having problems and couldn't get a loan from anywhere. I ended up being referred to Welcome Finance and regret that I ever went through with it. You will more than likely get a loan, but the apr is too high, their customer service is terrible if you ever need to speak to them and none of them seem to know what they are doing as everytime I have ever phoned them I have been given different answers everytime.
  • paulipauli Forumite
    74 Posts
    Hi, one option is to contact the consumer credit counselling service (CCCS) If you go on their website http://www.cccs.co.uk/ you can enter all your details in anonymously and they will come up with a suggested repayment plan (I think they can stop the interest or something on your existing debts?) and if you wish to take things further you can ring them quoting the reference number you will be given on the website.

    The only thing with this is, that I think it will affect your credit rating, but if you aren't thinking of needing to apply for any credit for a few years it's a better bet than paying rip-off interest charges to dodgy loan companies.

    I decided not to go down that route and just struggle on paying off what i owe in order to try and preserve my credit rating (such as it is) as I live in hope of one day finding a bloke and getting a mortgage with him :rotfl: , but if i ever got in a situation where i couldn't do that I would go to them without hesitation. Good luck!
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