Loan (Poor credit)

Scotty2012 · 01/11/13 - 19:18

Hi all

Does anyone know of any loan providers who will be able to loan me £500 even though I have a poor credit rating?

I am absolutely desperate and really need to find a company that can help and fast. Unfortunately I don't have family or friends who can help.

Thanks

PencilBreath · 01/11/13 - 19:22

are you in full time employment?

cjsmummy · 01/11/13 - 19:25

Budgeting loan? Provident? You pay a lot of interest with the likes of Provident though.

Scotty2012 · 01/11/13 - 19:26

PencilBreath wrote: »

are you in full time employment?

I am.

rbdcay · 01/11/13 - 19:31

Wonga? if you don't mind the interest rate.

PencilBreath · 01/11/13 - 19:33

one of the payday lenders then if you don't mind the high interest rates & have NO other choice.

DMN1968 · 01/11/13 - 19:48

Scotty2012 wrote: »

I am.

Many employers offer an advance of salary in cases where people urgently need money - have you checked if yours does?

My employer allows me to take 1 months salary early up to 2 times per year. However we do have to talk to someone in HR to see if there are more serious underlying financial problems.

Do bear in mind this is a slippery slope, as you will have to pay this back in the next month or so, which means you would be using your salary to pay the loan, and therefore need another loan.

Also, have you looked at Credit Unions? Usually a lot cheaper than payday or log book type loans, and a lot more ethical.

If this is not a one-of case, recommend talking your finances through with someone.

spookyLX · 01/11/13 - 20:21

I would try a credit union before anything else if you can they will have cheaper interest rates

artnada · 01/11/13 - 20:57

The OP won't get a loan from a credit union if he wants one immediatly. You have to save with them for a minimum period before they will let you take out a loan.

I went for a loan in a local credit union once.

They would only lend me money after I had been a "member" of the union, saving each week for a minimum of 6 months.

After the 6 months, I could take a loan out up to the value of the amount I'd been saving over the previous 6 months!

Kind of defeated the whole object. :rolleyes:

*edit: Just checked my union and now the minimum period is 13 weeks.

This is their rule:

The amount you can borrow is subject to having saved for at least 13 weeks. There are rules about the amount you can borrow – currently (for your first loan) up to twice your shares and a maximum of £3000. So, if, for example, you have saved £750 in shares, you can apply for a loan of up to £1500 and choose to repay it over a maximum of 36 months.

So borrow £500 / 52 weeks = £571.38 payable @ apparox 26.8%APR

Armi · 01/11/13 - 21:06

Go on the compare sites. Gocompare, Moneysupermarket etc. Put your details in and you'll get a list of probable lenders.

You may have to pay a higher interest than someone with good credit but there's not much you can do about that.

I'd encourage anyone looking for a loan to use zoopla or ratesetter as they are ordinary people lending money and not greedy banks and loan companies - and the interest rates are much better.

.

DaisyBumbleroot · 01/11/13 - 21:13

artnada wrote: »

The OP won't get a loan from a credit union if he wants one immediatly. You have to save with them for a minimum period before they will let you take out a loan.

I went for a loan in a local credit union once.

They would only lend me money after I had been a "member" of the union, saving each week for a minimum of 6 months.

After the 6 months, I could take a loan out up to the value of the amount I'd been saving over the previous 6 months!

Kind of defeated the whole object. :rolleyes:

Not really, there needs to be money IN the credit union before it gets lent out. What if the CU had 10 savers and 100 people wanted a loan. It's not going to work is it?

unklesam · 01/11/13 - 21:46

I was in the same predicament this week when the car broke down, I searched quite a few, I was looking £500 but over 2-3 months, Sure I could get it if I fancied paying £1049 back, yes I kid you not, thats what one company quoted me. Thankfully parents came to the rescue.

Scotty2012 · 01/11/13 - 22:53

Thanks for all the suggestions and help.

clm2071 · 01/11/13 - 22:59

PencilBreath wrote: »

one of the payday lenders then if you don't mind the high interest rates & have NO other choice.

It's doubtfull the OP would get £500 from a payday loan lender like Wonga - they limit fist time loans and won't loan high amounts (above £400 I believe) unless you have a history with them

[Deleted User] · 01/11/13 - 23:00

Do you have a purdey mouth?

Flat Matt · 01/11/13 - 23:40

There are a few guarantor loan companies out there who will lend to people with bad credit if you're looking for something other than a payday loan.

You'll obviously need someone with a decent credit rating to be a guarantor for you though.

If it's a payday loan you're after Wonga will lend to just about anyone!

Scotty2012 · 02/11/13 - 00:00

I can't afford the interest on a payday loan and I don't know anyone who can be a guarantor. I'm not having any luck at all. Think I might just go and buy a lotto ticket! Ugh, I hate being poor.

[Deleted User] · 02/11/13 - 00:07

Scotty2012 wrote: »

I can't afford the interest on a payday loan and I don't know anyone who can be a guarantor. I'm not having any luck at all. Think I might just go and buy a lotto ticket! Ugh, I hate being poor.

Do you mind me asking what do you need it for. Is it essential. Payday loans aren't really the way as once you get one you end up being behind next month and the next and so on...

Try and avoid it if possible (advice from someone who really wished they hadn't even started down this slope).

Scotty2012 · 02/11/13 - 00:12

Michelle32 wrote: »

Do you mind me asking what do you need it for. Is it essential. Payday loans aren't really the way as once you get one you end up being behind next month and the next and so on...

Try and avoid it if possible (advice from someone who really wished they hadn't even started down this slope).

Hi, its to pay for a combination of things and its definitely essential. I'm not going to apply for a pay day loan because of the interest.

Takae · 02/11/13 - 00:31

You ought to visit your local CAB (Citizens Advice Bureau) - or visit the website if you prefer online to begin with - as they usually have all sorts of advice that could help to resolve your situation. It's a charity so it's free of charge to anyone who needs advice on financial, legal or similar issues.

But I have a feeling that might be too slow for you at the moment?

Worth checking with them, anyway, as they do have a wealth of knowledge and resources. Information, financial organisations, emergency financial assistance (but I think this is for necessities only, e.g. housing, food and such), low-interest loan schemes, debt management and so on.

tiacat · 02/11/13 - 00:35

Im another one that would want to know what its for before giving advice. I know you feel they are essential things you need to pay for, but there is often another (more inconvenient) way around buying what you are planning

Armi · 02/11/13 - 01:27

Scotty2012 wrote: »

Hi, its to pay for a combination of things and its definitely essential. I'm not going to apply for a pay day loan because of the interest.

Yeah please don't give those bastards your money.

dmp · 02/11/13 - 02:55

Have you got anything you can sell, you could make a bit of money but not the full worth selling to the likes of cex etc.
Dave

Scotty2012 · 02/11/13 - 02:57

dmp wrote: »

Have you got anything you can sell, you could make a bit of money but not the full worth selling to the likes of cex etc.
Dave

I've already thought of this and unfortunately not.

DMN1968 · 02/11/13 - 03:06

OP - if its not a personal question, what do you need the money for?

Is there any possibility that the person or company requiring payment can put it off for a month or so?

Scotty2012 · 02/11/13 - 03:10

Thanks for all the suggestions. I'm sure I'll figure something out. Goodnight all

Hey there!

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