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  • FIRST POST
    • Ed2194
    • By Ed2194 31st Mar 19, 9:09 PM
    • 3Posts
    • 0Thanks
    Ed2194
    Personal loan for bad credit.
    • #1
    • 31st Mar 19, 9:09 PM
    Personal loan for bad credit. 31st Mar 19 at 9:09 PM
    Hi, I just want to ask if you guys know any Personal Loans I could apply for. I have a very low credit (320 experian) so i have been refused by a couple of Lenders. I dont have any guarantor . Was looking to consolidate my loans 3k in total.

    Any ideas?
Page 1
    • Willing2Learn
    • By Willing2Learn 31st Mar 19, 9:12 PM
    • 4,651 Posts
    • 4,196 Thanks
    Willing2Learn
    • #2
    • 31st Mar 19, 9:12 PM
    • #2
    • 31st Mar 19, 9:12 PM
    Do you have any defaults, CCJs, missed or late payments marked on your credit file?
    Are you on the Electoral Register?
    Have you moved home recently?

    Who are your creditors?
    How much do you owe to each creditor?
    What is your annual income?

    Consolidation loans are rarely successful if the reason for the debt is not first addressed. How come you are in debt? Are you struggling to make the payments?

    Edit: And welcome to the forum
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • zx81
    • By zx81 31st Mar 19, 9:13 PM
    • 24,169 Posts
    • 26,891 Thanks
    zx81
    • #3
    • 31st Mar 19, 9:13 PM
    • #3
    • 31st Mar 19, 9:13 PM
    Your score is meaningless. What is the real nature of your bad credit?

    As a rule, peope who need to consolidate are high risk and will normally be refused.

    Better to visit the DFW boards and start cutting costs.
    • Ed2194
    • By Ed2194 31st Mar 19, 9:14 PM
    • 3 Posts
    • 0 Thanks
    Ed2194
    • #4
    • 31st Mar 19, 9:14 PM
    • #4
    • 31st Mar 19, 9:14 PM
    I only have a missed payment, no defaults or ccj
    • Ed2194
    • By Ed2194 31st Mar 19, 9:23 PM
    • 3 Posts
    • 0 Thanks
    Ed2194
    • #5
    • 31st Mar 19, 9:23 PM
    • #5
    • 31st Mar 19, 9:23 PM
    Im in debt cus of gambling (silly me) i currently have 3 loans with creditstar, peachy and satsuma. At the monent im on repayment plan with Satsuma and Peachy.
    • Willing2Learn
    • By Willing2Learn 31st Mar 19, 9:33 PM
    • 4,651 Posts
    • 4,196 Thanks
    Willing2Learn
    • #6
    • 31st Mar 19, 9:33 PM
    • #6
    • 31st Mar 19, 9:33 PM
    I doubt anyone will lend to you, because your debts are with PayDay Loans. The fact that you are on repayment plans with two of your creditors will also count against you.


    If it were me, I would seriously consider stopping repayments with the three creditors. Just let the accounts be defaulted. Once they are defaulted, the interest and charges should stop. I would then set about repaying the debts with lower monthly payments that are more affordable.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Sncjw
    • By Sncjw 1st Apr 19, 7:44 AM
    • 2,240 Posts
    • 1,362 Thanks
    Sncjw
    • #7
    • 1st Apr 19, 7:44 AM
    • #7
    • 1st Apr 19, 7:44 AM
    One you have pay day loans which means you couldn’t get credit from normal lenders and two you are struggling to pay that back.

    How will you pay the consolidation loan back if you got it.

    Get yourself on debt freewannabe board and post a statement of affairs. People will be able to pick out where to save to help you pay your loans off.
    • foxy-stoat
    • By foxy-stoat 1st Apr 19, 9:07 AM
    • 5,274 Posts
    • 3,176 Thanks
    foxy-stoat
    • #8
    • 1st Apr 19, 9:07 AM
    • #8
    • 1st Apr 19, 9:07 AM
    Sell stuff, overpay where you can. You wont be able to borrow your way out of this debt.

    Can you sell your car and buy a cheaper one?

    Its a blessing that you cannot borrow more, as your debt hasn't reached into 5 figures yet.
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 1st Apr 19, 9:51 AM
    • 5,540 Posts
    • 5,660 Thanks
    poppasmurf_bewdley
    • #9
    • 1st Apr 19, 9:51 AM
    • #9
    • 1st Apr 19, 9:51 AM
    Companies which gave loans to those with poor credit went out of business some years ago.

    The reason? They found out those with poor credit very frequently didn't pay their installments, and said companies went to the wall.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • archived user
    Im in debt cus of gambling (silly me) i currently have 3 loans with creditstar, peachy and satsuma. At the monent im on repayment plan with Satsuma and Peachy.
    Originally posted by Ed2194
    No chance in hell of getting a loan with anything other than a sub-prime lender like Oakham and their four figure interest rates.

    You're in a DMP with two of them so any interest will be frozen effectively making those loans now interest free so it would be madness to take out a loan to repay those.

    Ultimately unless you've got your gambling problem sorted the only thing getting a consolidation loan will do is dig you a bigger hole because once the money hits the bank then you'll just blow it on gambling.
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