bad credit loans

Davecooper_2

hi i was wondering if anybody knew of any reputable bad credit loan companies or offer any advice. im currently in the process of getting a house and wanted to obtain a loan but the usual routes i get declined.

I have been scammed by companies where i have sent them money.

Any help would be appreciated

10past6

Hello Dave, welcome to the forum

Are you in the process of a mortgage application, and do you have a bad credit history?

Conor_3

Basically there aren't any. In the current market if you've bad credit, its nigh on impossible apart from the 180% APR Shopacheck brigade.

TBH if you're having to try and get a loan in addition to a mortgage to enable you to buy a house, you can't afford it in the first place and you'll be just another reposession statistic 2-3 years down the line. If you've a poor credit rating, any mortgage you manage to get is going to have astronomical interest rates.

Davecooper_2

Hi what i am doing is a try before you buy schem where as as i pay rent for a year and thi then becoms your deposit of the mortgage.

My credit history is poor when i have checked my credit report and this is holding me back. Im trying to build my credit score but this will be a slow process and was wondering if anyone could offer some advice to raise capital or anything

dave

Diane_239

have you tryed welcome finance

pania

Hi there Dave,

Just had a read through and i think i am right that you are viewing a loan as a way of improving your credit score?

I am aware of the schemes being offered by the builders now to rent for a year and then use this money towards your deposit. they seem a good idea.. IF you will be in a position in a years time to obtain a mortgage. there are a couple of lenders (high street) that provided you have been completely clear of defaults, late payments etc for a year will consider you for a mortgage at a good rate.

the question here is how to improve that rating and i'm not convinced that a loan is the way forward at all.
Welcome finance, Beneficial finance et al are all in the market for the same reason.. to make stupid amounts of money from you. Only last week i was offered a loan by welcome finance.. £750 loan repayable at £87 per month for 3 years!!!!!!!!! they too will only scam you.

Can you give us a little more detail about the extent of the problems you have had? do you have defaults or ccj's? if so, how recently were they issued? do you have outstanding finance at the moment? any mortgage lender will annualise your monthly payments (multiply by 12) and deduct this from your wage. would you be able to obtain a credit card with aqua, vanquis or monument, pop one tank of petrol on it and pay it off in full each month?

tell us a little more and we'll assit with a way forward but, if there is another reason that you need a loan, let us know that also so we're not barking up the wrong tree with the advice thats given..

Kind regards
P
xxx

Davecooper_2

Hi thanks for the great replies. i have tried welcome finance and their qoutes are a little steep to put it politely.

My situation is that i have missed about 5 payments in the last year i had a few money problems but i have now settled the account that was causing me the most problems. I have now set up dd's for everything and i now have a well paid job so the payments are gettin paid on time which i hope will improve my credit rating.

I have an oustanding overdraft of £2000 which i wanted to clear and a store card for £300. I have no defaults on my credit report.

The loan was basically to pay the above balances off and to have a little help towards furnishing the new property. I tried an aqua credit card but they declined me they advised me that although my rating isnt the worst they have seen there are things on it that they didnt like.

I really appreciate the help as i am just lookin for solutions