Getting a loan with poor credit history - is it possible?

SuzySu

Hi

We need to get a loan for £3,500 most of which will be used as a deposit for a rental property (1 x month in advance and 1.5 x months deposit). The rest will be used for credit search fee, fee to take the property off the market etc.

We have had a letter from Wentworth Direct Finance who are based in Kent, offering us £15,000 over 36 months at an APR of 15.2% (OH asked for a quote just in case we decided to consolidate - we won't be). We don't need anything like this amount, but we do need to borrow £3,500 from somewhere as there is no equity at all from the sale of our property which should exchange/complete in a couple of weeks time.

The letter states that "....your application for a personal loan....has been accepted by our underwriting department".

Does this mean they will DEFINITELY lend us the money, or just that they will process our application and then, possibly, turn us down. They are asking for £49 up front as their 'brokerage fee'. Does this seem reasonable? We can't afford this if we stand a chance of being refused.

SuzySu

Hmmm.....quick update..... I was reading through a few threads on this board and came across one talking about Advantage Loans. They ask for the same brokerage fee and offer the same amount at the same APR. Methinks Wentworth is a scam just like this so I will be steering clear. Before finding this forum I probably would have applied.

I still do need a loan tho....any reputable firms out there for people like us?

SuzySu

Please.....anyone?

hur575

Welcome finance will give loan with poor credit history but they start with £2000 only I think or it depend on each case. They are very expensive though!

SuzySu

Thanks....will go off and check out Welcome Finance.

SuzySu

Ok.....definitely steering clear of those guys. Sounds like a complete nightmare.

Thanks anyway

hur575

SuzySu wrote: »

Ok.....definitely steering clear of those guys. Sounds like a complete nightmare.

Thanks anyway

yup they are, I am trying to pay mine off, they are very expensive.

SuzySu

Has anyone had any dealings with Capital One's CC. APR is 34.9% (high, but not extortionate) and it will give us £2,500 straight off.

Do any of you use them/have used them?

hur575

SuzySu wrote: »

Has anyone had any dealings with Capital One's CC. APR is 34.9% (high, but not extortionate) and it will give us £2,500 straight off.

Do any of you use them/have used them?

may be posting it in another thread in the cc section will get you some replies?