Hello

I was just wondering if there are any reputable loans companies that lend to people with a poor credit rating? I need about 2-3k over 4 or 5 years - Also if anyone has solid advice for improving my credit rating it would be much appreciated, most people I've asked so far have told me there is nothing I can do except wait for 12 months or so and then try taking out a loan, unfortunately I can't wait 12 months for the loan!

Hope you can help!

There are no good loans companies, they are all in business to make money out of you.

And people with poor credit ratings do not need loans, which might only have the ultimate effect of making their lives and credit ratings worse.

You should ask yourself why you need this money over 4 to 5 years and why you cannot manage to save the money you need and wait to buy/use the money for whatever it is that you have perceived "you need".

Do you really need to possibly make things worse? Can you not make do, find ways around your current "need"?

If it is borrowing money to pay debts, do NOT borrow more money. Tell your current creditors you will pay them off at the amounts (shared between them) that you would expect to pay to pay off any new 2 - 3k loan.

If it is to purchase something, you really don't need, don't purchase, or look around and see if you can buy 2ndhand or from one of the Auction sites at a much cheaper price than you would have expected to pay.

Do not get into more or worse debt if you can at all avoid.

Take out a credit card, if you can get one with just a couple of hundred pounds credit limit and make sure you pay back every penny every month, so you don't get stung for interest. Try to get a 0% card for a couple of months, but ensure you are putting the money away to pay off that balance when it becomes due, before any interest is charged.

Do you really need that 2 - 3k right now, that is the question? Try to make do, as we all used to do, before money was thrown at us by the Banks and Finance Companies, with so little concern for how we would repay it all.

Thanks for your reply,

I didn't expect to get so much advice so soon! If I'm being honest, no I don't REALLY need the loan right now. It's just that desire we all have I guess to get stuff NOW! I definitely want to improve my credit rating though, so is getting a credit card the best way of doing that?

What I really need to do is try and find a job with a higher salary so I can manage my finances better - or even try and start my own business, I've done some research online and found lots of stories of people starting successful businesses on the Internet.

I even found a someone who buys and sells domain names and earns thousands, I had a look on ebay for domain names but most of them have no bids, although someone has one listed with bids over £5000! That kind of money would certainly help me out right now.... I think the domain was loansrightnow - it's probably been bought by one of those no good loan companies you mentioned :-)

Good for you, yes don't line their pockets with your much needed and hard earned dosh paying crazy interest rates.

Why don't you approach your present Employers and ask them for a rise, or see what you can do bigger better, as well, as your existing tasks to justify a raise. Tell them your finding it hard to make ends meet if that really is the case.

Otherwise get your sleeves rolled up and see whether you can do some useful evening work, of your own towards the suggestions you make, where you know you have some specialist expertise.

If you are in computers, there's always someone needing help - out an advert in your local shop, go advertise what you can offer and go do a good job for someone who really needs help.

And yes a Credit Card regularly paid off with no defaults - or several is definitely the way to getting yourself back at the top of these ridiculous Credit Reference Agencies piles with glowing records.

Good luck