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looking for a bad credit loan

Last post Thu, Jul 24 2008, 4:09 PM by gerry862. 7 replies.
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  •  Thu, Jul 24 2008, 4:09 PM

    Re: looking for a bad credit loan

    yea

    i figured these companys charge you £50 to basicly search the internet ,whichu cando yourself and find the same companys as i have done the problem being itshardto decifer the companys from the ones that will ultimatly charge you.

    good point about getting some one to take out a loan for you if theregoing to go guarantor,was thinking the same thing, oncei find one i shall suggest that

    • Post Points: 5
  •  Thu, Jul 24 2008, 3:58 PM

    Re: looking for a bad credit loan

    Hi,

    I think you know this already, but if you part with your hard earned £50 - £60 as an "admin fee" you may get offered loans, generally for much less than you want, usually requiring a guarantor and generally with interest rates of well over 65% - you MAY get all this - however, realistically all you'll get is £50 - £60 poorer.

    Yorkshire Lad

    Note: This post has been moderated in line with the moneysupermarket.com Community Standards and Terms of Service.

    • Post Points: 20
  •  Thu, Jul 24 2008, 3:53 PM

    Re: looking for a bad credit loan

    From what I am aware of and I may be wrong, FLM's rates are around 52% (ish) gaurantor, needs someone to be a homeowner with no adverse credit. If you don't make the payments the person who is backing you, has to pay. As someone rightly pointed out the other day to me, if you have someone who is willing to back your application, and they are in effect jointly liable is it goes wrong, then why pay 52%. If you have somone who trusts you, then why not get a loan through them at 7/8/9/10% and make the repayments which will be more affordable. Rate is for risk, but if you have a prime person backing an application where is the risk to warrant a 52% interest rate.

    Obviously, I am in no way shape or form making any recommendations, advising or encouraging you to take that route, I am just using a little common sense.

    TPS.... You will be hounded by texts, emails, calls, sadly this is what happens. TPS (The Telephone Preference Service), may be able to help. Just google the company, it's national and free, register your number(s). Avoid the companies that charge to do the same thing, it may take around 28 days, but should help in reducing the unsolicitored calls comming through.

    • Post Points: 5
  •  Thu, Jul 24 2008, 3:42 PM

    Re: looking for a bad credit loan

    thanks for your info,

    i the impression from the companys i have to pay ,exactly as you say will pay and still not get it,the one option i have left is to find a gaurantor for the offer i have from FLM .

    the one down sideof applying to these companys is i am now pestered by numeros phone calls offering loans some from same company a few times ,usual story go so far and then they say going to pass you over u have been approved ,then get the usual ,must pay etc etc

    • Post Points: 35
  •  Thu, Jul 24 2008, 12:55 PM

    Re: looking for a bad credit loan

    Sorry, I'm sure I'm going to be the bearer of bad news. The credit industry is tightening rapidly and getting worse on a daily basis. People who have a good to excellent profile are sruggling at the moment, although I'n not saying that they are not being accepted.

    6, 12, 24 months ago, bad credit wouldn't have been such a big issue, as there were lenders on the market, still lending, and pretty much throwing money at people. Thse times have now gone.

    Adverse lenders have tightened their belts, pulled out of the market or shut up shop completely. There are still however adverse lenders out there, which if accepted are offering rates upto and including 60%, some pose interest rates of 177%. But the term adverse is to be use a lot more lightly than in previous years. Ie, recent high value ccj's would pretty much be a decline.

    Depending on the adverse credit you have, you may be in a situation where you may not be able to get a loan on the current market. You also need to be aware the more you are searching, the lower your credit search will become, increasing the risk of a decline.

    I guess you may find yourself asking is there another way around the situation you are currently in? You are right to be wary of compaines that charge, as they may not offer a loan, but a debt management service, to which thier argument would be that you have paid a fee and they have offered a financial product of some sort.

    • Post Points: 50
  •  Thu, Jul 24 2008, 12:45 PM

    Re: looking for a bad credit loan

    thanks,

    i have applied to them too but not heard anything back from them in 3 days

    • Post Points: 20
  •  Wed, Jul 23 2008, 2:03 PM

    Re: looking for a bad credit loan

    We got one through Black Horse, part of the Lloyds TSB Group and out credit rating is classed as poor.

    Regards

    Adele

    • Post Points: 20
  •  Wed, Jul 23 2008, 1:35 AM

    looking for a bad credit loan

    hi

    can anyone help me

    i have tried for over a week now to get a loan,i have very bad credit history mainly due to a failed marrage ,i have had all the usual ,wh loans,advantage loans ,yes loans ,get in touch and promise a loan on paying the brokerage fee,i am reluctant due to reviews on the net and i have been stung before by a company called wentorth finance ,and never got the loan of the 50 pound fee back,

    i have had an offer from flm but need a gaurantor which isnt really an option either .

    i wondered if anyone had any loan companys that considered bad credit ,but loaned direct without these numerous sites with different alias but mainly did same thing pay us and we will get u loan (maybe)senario

    has anyone also heard of a company called fresh loans they have they sent me details out but the may be a charge but not always ,i suspect she didnt want to tell me there was a charge

    thanks

    Gerry thomas

    • Post Points: 35