My husband wants to get a personal loan for £4000. He was bankrupt over 3 years ago so his credit rating is very poor. He has just being accepted for a capital 1 credit card which is a start.I myself am currently bankrupt so i cant borrow any money. Where is he likely to be accepted without stupidly high APR's? i have seen one for 187%!!!! is that even allowed! Advice please!!!

I should probably add that we are council tennents.

Without wishing to sound rude, I would steer clear of any loans, build your credit rating with your capital one card and have another look in about a year. Pay cash where possible, don't take on any more debt as it sounds like you have already encountered problems in the past.

"187%!!!! is that even allowed!"

With the greatest respect, your track record for re-paying financial institutions does not appear to be sharp. They are only reflecting your risk in an APR.

One current and one discharged bankrupt, i am surprised you are even able to find a loan in the current climate.

Thanks for your replys and i know, its a terrible mess we got ourselfs into and we are only 28 and 29. Its amazing how you dont realise how debt when you are young is going to have such a huge affect when you grow up and start a family. We have managed to get sorted now with a reasonable apr (well reasonable for our history) and we have more than enough each month to pay the installments.

Who are you getting your loan with if its ok to ask?

hi, we were excepted by Welcome finance. I know there are a lot of bad reviews on the net about this company but we are taking the risk. There usual apr for unsecured personal loans for a credit history like ours is 63% which i know is steep but we have been offered 41% so for us thats not bad and the repayments are well within our budget.

Wouldnt touch that company with a barge pole, I know someone that worked then and there underhand tatics are ~*it

I also have a 'poor' credit rating and contacted a company called UCC after doing a search on here.

The reason I chose them was because of the rate advertised on this site.

Now, I was going to consolidate several loans etc, so that I could use the difference in the amount of money I spend now and the amount would have to buy a car.

A car that is absolutely essential for me to carry on working,

The company I work for has invested in me with quite a bit of training/exams that I have passed ecah time.

So, when UCC contacted me to say I had been succesful I was very happy.

Then they told me it was with Welcome finance, a company I already have a loan with, and this was one of the loans I wanted to consolidate.

Not a problem I thought... so went through the details again, and was told twice that I could have a £4,500 loan provisionally, remember that word!

I went through the details, having been told that I had already had a credit search, and then the guy from Welcome was startled to learn that I had a loan with Welcome, (strange, seeing as they had already done a credit search, and it is there on file!)

So I went through all the details AGAIN, with my local branch of Welcome, whereby they refused my loan.... why? because I had recently applied for a loan... THE SAME BLOODY LOAN!

The moral of this story is...

If you already have a loan, deal with that company first, and dont even bother dealing with companies such as UCC

Thank you so much for your reply. We didnt wait to find out if we had been accepted or not and cancelled the application as my MIL very kindly agreed to lend us the money instead.At least that way if we are a bit short one month we dont have to worry about phone calls that are going to cost us £25!