Need personal Loan - Good Income, bad credit rating

TheKeyMaker

I badly need a personal loan. I have applied with Nationwide, approved in principle but refused after submission of requested documents - I bank with them though but ,My wages go the cooperative bank and I use Nationwide for all my bills: the turnover is high though.
Please advise which company or bank would consider giving a loan to a bad credit rating person but with good and permanent income, if there’s such criteria. Not sure my cooperative bank would give me as I’ve recently been refused an upgrade to my cash minder account. Also I don’t want to do too many applications, so would just target those with high probabilities of getting approved.

TheKeyMaker

I understand that I could just go around and Google it, but if anyone has positive personal experience I would really appreciate to share it.

xxlaurissaxx

Virgin or mbna are good!

Rafter

Really depends just how bad your credit rating is. If the people you have a financial relationship with (co-op and NW) have said no, then it is highly likely that most of the mainsream lenders will be the same.

You may have to go to a specialist lender who look at impaired credit customers. Have a go at doing a search on moneysupermarket.com smart loan search. that came up with someone called uccloans.co.uk but with very high APRs. You might do better depending on the exact nature of your poor credit history.

Good luck.

R.

dbramley

How much do you need to borrow? Would a credit card not do the trick?

I think its easier to get a credit card than a personal loan.

TheKeyMaker

I want to borrow about 10k; I guess credit card problem to be is that I’m not able to specify in my request the exactly amount I’m looking for. Even if I’m approved I will only know the amount by then.

TheKeyMaker

I ended up at uccloans.co.uk and trough them to Welcome finance. The amount they’re proposing me wouldn’t solve my problem anyway, as they’re offering me £3500 when I was looking for £10k. The APR is also crazy: 36% in 2 years.
I need an advise here: Because I have a very bad credit rating and good income, I would just take it, then repay it earlier in order to have a record in my credit report that I’m able to repay my loans. Would that somehow help me to improve my credit rating?

CLAPTON

No a very bad idea.
Paying 30% interest is basically madness.

Without knowing your full financial circumstances its really impossible to give advice.
Why do you need 10,000? With a poor credit rating you are very unlikely to get a loan at a decent rate. Much better to start sorting your lifestyle so you have a better match between income and spending.

Why is your credit rating poor? CCJs, defaults , late payments or what.

To improve your credit rating will take a long time but you could get a CC even one at silly interest rates, use it regularly and pay it off in full... this will show on your credit rating and will slowly improve it.

TheKeyMaker

I need 10k for a new car which I probably could afford myself in a medium term; but because we are awaiting a 3rd child in 2 months I really need a car and keep some savings as well.
My poor credit rating is because I have a satisfied CCJ (from 2004) - £670, a defaulted account (overdraft) with LTSB (2004) and a defaulted loan (2004). I was unemployed at that time but since then manage to stay on my feet. Last 3 years have a permanent (job) income and no problems with bills, payments or accounts. Don’t own CC though, don’t have overdraft and didn’t have a loan since. This time around I really feel like I need to borrow a little extra.

CLAPTON

Sad to say, you dont NEED a 10k car even if you have 3 children.
On a good income presumably you have some savings... use those for whatever car you need

dannynixon

You could quite easily buy a 51 plate xsara picasso with about 70k on the clock with a full service history for less than 3k. More than ample for 3 children and there would be no need for 10k credit.

Why do you NEED a 10k car?