Getting a loan when you have a crap credit rating ?

[Jkelmum]

As of January we are saving to move house ...Ideally we need £2500 to move, As much as saving then moving sounds good its gunna take ages and there is always somthing that needs paying ...we can afford £200 to pay a loan back each month ...I dont work but my oh works fulltime but we both have crap credit ratings ...any ideas of a company that would loan this amount ? ...sooner we move sooner i can start lookin for a job

 

[EternalRose]

I think provident do loans for people with a less than perfect credit rating hun, there apr is rediculous but you might have a really good chance of getting it x

 

[Charlotte-j]

not 100% sure but i think provident do max £500 loans

sorry i'm not much help, how about looking on the moneysavingexpert site, there is a whole loan section x

 

[EternalRose]

They do bigger loans than £500 now. https://www.providentpersonalcredit.com/loans/direct-debit-loans/ It says from £750-6000 xxx

 

[Jkelmum]

They do bigger loans than £500 now. https://www.providentpersonalcredit.com/loans/direct-debit-loans/ It says from £750-6000 xxx

thanks we are with proviedent and dont owe a lot but i would rather not loan a huge amount of them as there apr is scanderlous

 

[EternalRose]

Ah, ok hun...it depends how bad your credit rating is. Do you have ccjs and defaults?

 

[PleaseBaby]

I'm pretty sure any loan that accepts you will have a horrendous apr, you can get a free trial from credit expert and they will show you your credit rating and what you can do to improve it, they also have a section where they will match you up to loans, credit cards etc so you don't have loads of searches in a short space of time because this will hurt your score even more, good luck x

 

[Jkelmum]

I basically dont have a credit rating or so thats how it was explained because ive never had credit ...my oh who works owed a lot of money on credit cards before we met around £15000 ...was taken to court ect no idea what out come was other then a repayment plan of some kind as it was before we got together

 

[EternalRose]

I basically dont have a credit rating or so thats how it was explained because ive never had credit ...my oh who works owed a lot of money on credit cards before we met around £15000 ...was taken to court ect no idea what out come was other then a repayment plan of some kind as it was before we got together

Ok, I understand now hun but your OH credit rating doesnt affect yours or is he the only one working at the moment, as that might make a difference for proof of wage. When I was starting to establish my credit, I got a catologue. I think it was Kays, and they gave me a 100 limit, I bought something for like £50 and took 5 months to pay it off at a tenner a month and that gave me 5 months history. I started off like that. Capital one, will give people credit cards with no credit rating, but Im not sure if they would give you a £2500 limit, its a difficult one. Sorry if Im not much help.lol xxx

 

[Jkelmum]

I basically dont have a credit rating or so thats how it was explained because ive never had credit ...my oh who works owed a lot of money on credit cards before we met around £15000 ...was taken to court ect no idea what out come was other then a repayment plan of some kind as it was before we got together

Ok, I understand now hun but your OH credit rating doesnt affect yours or is he the only one working at the moment, as that might make a difference for proof of wage. When I was starting to establish my credit, I got a catologue. I think it was Kays, and they gave me a 100 limit, I bought something for like £50 and took 5 months to pay it off at a tenner a month and that gave me 5 months history. I started off like that. Capital one, will give people credit cards with no credit rating, but Im not sure if they would give you a £2500 limit, its a difficult one. Sorry if Im not much help.lol xxx

He is the only one working hence why the trouble ..thanks for replying ..we will save it just take us for ages as theres always something else xx

 

[PleaseBaby]

Have you considered getting a credit card? Vanquis/capitol one or braclaycar initial will give you one the apr is pretty bad but if you make a small purchase each month and pay it all off then you wont be charged this will dramatically increase your credit rating, it will take about six months so might not be in time for now but at least you will have a good credit rating in case anything pops up in hte future x

 

[anothersquish]

If you can afford £200 a month it wont take THAT long to save the £2500 you need and it would be a much better idea that getting a loan at 20%+ interest and end up paying back extortionate amounts of money.
I would sit down and try and work out if you can squeeze an extra £50 a month, meaning that you can save £2500 (plus interest) in ten months and you wont get into any debt at all. Maybe not ideal as you want to look for a job NOW...BUT long term saving and putting off the move for a year is a better option than getting into debt with a high interest rate and taking the next 3-5 years to pay it off.

 

[fenma]

Hi there,

I really really also advise not to get yourself into debt! Ive been there and done it and the stress of repaying silly amounts isnt worth it.

You know how much you need to save so whilst oh is at work perhaps look into other ways you can make money whilst at home. Ebay - great for decluttering and making some money, money saving expert also has tips on how to save on household bills and shopping. It may bump up your saving!!

Good luck!!!

 

[xXhayleyXx]

Totally agree wouldnt reccomend taking out any loan with silly APR just isnt worth it in the long run

 

[ellismum]

If you can afford £200 a month it wont take THAT long to save the £2500 you need and it would be a much better idea that getting a loan at 20%+ interest and end up paying back extortionate amounts of money.
I would sit down and try and work out if you can squeeze an extra £50 a month, meaning that you can save £2500 (plus interest) in ten months and you wont get into any debt at all. Maybe not ideal as you want to look for a job NOW...BUT long term saving and putting off the move for a year is a better option than getting into debt with a high interest rate and taking the next 3-5 years to pay it off.

Sensible advice here (from someone who has had debt at stupid rates - me!) Exactley what I was going to suggest.

 

[helen1234]

dont have provident they have awful apr.

have a look what yor actual credit score is from credit expert 1st. my oh hasnt had credit but has a brilliant credit score the bank told us its a myth that they wont lend to people who have never had credit and also is a myth that there is a black list.

mine was poor i got into problems when i was a single parent juggling bills, i got mine up by leaving money in the bank, having an overdraft and not using it, had a interest free for 12 months credit card just buying petrol with it and paying off in full, i cut it up after 6 months.

but 1st i would get your file and make sure you have no skeletons still lurking speak to your bank tell them what you need it for and take your credit file with you

xx

 

[Dream.A.Dream]

If you decide to sign up to credit expert then just don't forget to cancel it! I forgot and ended up paying out £7 a month for about 5 months until I realised xx

 

[Vici]

Try your local credit union hun

 

[2nd time mum]

It is very hard to get credit just now. I am lucky enough to have a good credit rating and couldn't get another credit card to consolidate debts!

Like yourself before I never had a good credit rating because I never had any debt. I started by getting a credit card with my own Bank who I had been with for years and a catalogue account with Freemans and then interest free credit deals on household appliances and eventually managed to build up the rating but that all takes time but it could be worthwhile starting just now so you have it in place for whenever you need it in the future.

Not much help for just now though, sorry x

 

[tinytoes1904]

It would be much better to save if you cant manage it hun, especially if your are going to get hit with incredibily high APR's, which is what would happen if credit ratings are less than perfect. Even if you apply on your own (I work for a bank) if your OH has bad credit rating, and you have any joint accounts, such as bank acc, even savings acc, it creates a financial association on your credit file, so his rating unfortunately would then affect yours whether it seems fair or not, personally I dont think it is, but unfortunately that is the criteria.

I think it might be a good idea for your to open a wee account such as Next directory etc ONCE you have already moved and can manage using a little account now and again to build up a credit history, like another poster has said, as it may help when you inevitably need credit at some point in the future