fairy_dust Posted February 8, 2016 Share Posted February 8, 2016 Anyone know of a decent loan company for people with a low credit score. I defaulted on sone payments when i was younger and its affected my credit score and now i am working even years later im still struggling to find one who will accecpt me. I applied for a few and they turned out to be brokers anyone know a company who might be able to help Link to comment Share on other sites More sharing options...
Berberis Posted February 8, 2016 Share Posted February 8, 2016 You won't on your own. No lender will loan money without checking your credit rating and once they do, they will either refuse you or offer a high apr. This is the consequence of your low rating. Plus each lender you approach that refuses you will leave a check on your credit file which in turn downgrades your credit rating. Can anyone act as a guarantor so you can use a company like Amigo loans? Link to comment Share on other sites More sharing options...
sgtkate Posted February 8, 2016 Share Posted February 8, 2016 Anyone know of a decent loan company for people with a low credit score. I defaulted on sone payments when i was younger and its affected my credit score and now i am working even years later im still struggling to find one who will accecpt me. I applied for a few and they turned out to be brokers anyone know a company who might be able to help Have you considered a Credit Union? There is one in Sheffield. They tend to have catches like you must save with them first to get a loan but might still might your needs? Considerably cheaper than nearly any poor credit loans company. http://www.sheffieldcreditunion.com Link to comment Share on other sites More sharing options...
Stoned Posted February 8, 2016 Share Posted February 8, 2016 I asked my bank for a £1600 loan. They refused. I asked them for an overdraft, they offered me £2000. I cant explain it but maybe your bank would be able to offer you an overdraft? My CS is quite poor for various reasons so i was surprised when they ok'd the overdraft. Give your bank a try? Link to comment Share on other sites More sharing options...
willman Posted February 8, 2016 Share Posted February 8, 2016 There are many decent(as in professional) loan companies who could help BUT high apr's doesn't make them first choice. How much are you looking to borrow? Link to comment Share on other sites More sharing options...
Orzel Posted February 8, 2016 Share Posted February 8, 2016 I asked my bank for a £1600 loan. They refused. I asked them for an overdraft, they offered me £2000. I cant explain it but maybe your bank would be able to offer you an overdraft? My CS is quite poor for various reasons so i was surprised when they ok'd the overdraft. Give your bank a try? Same here. I wasn't using one of my accounts for three years, when I went to bank they said no history - no mortgage, no credit card. But have this 3k overdraft free. That was a few years back. Link to comment Share on other sites More sharing options...
Andy1976 Posted February 8, 2016 Share Posted February 8, 2016 What irritates me about credit scores is the length of time it takes to correct past mistakes. None of us are perfect, yet to judge someone on something they did six years ago is ridiculous. Three years possibly, but six is excessive. But anyway, OP, a few suggestions of decent companies for you... If you're a homeowner, try 1st Stop Loans - https://www.1ststop.co.uk/ - they will be thorough with the application to make sure you can afford it, and they don't judge you. If you're looking to buy a car, I'd recommend CarFinance247 - http://www.carfinance247.co.uk - dealt with them lots through work, and they're good people. For a credit card, there's a number of these, but I've heard Aqua are fairly good - http://www.aquacard.co.uk I believe. Finally, for unsecured loans, I'd say LikelyLoans will help you - http://www.likelyloans.com All of the above have higher APRs, but not ridiculously so - they're all in the 30's and 40's from memory, which is high, but not Wonga high. They're certainly double digits rather than triple. The other plus is that getting credit and keeping up with payments actually increases your credit score of course. Good luck, and hope it goes well. Link to comment Share on other sites More sharing options...
999tigger Posted February 8, 2016 Share Posted February 8, 2016 Bank or credit union as Kate suggested. These are the lowest apr's There are other guarantor loans where someone guarantees you will make the payment, but if you dont, then they have to make them. Parents or good friends might be more willing to do this if they know you. Alternatively you can seek to take action which will improve your credit rating and there are credit cards which do that. The relevant time for default is 6 years , so if your defaults were over 6 years ago then they wont appear on your credit reference record. Have a look by signing up for the free trial or sending them £2. Link to comment Share on other sites More sharing options...
Berberis Posted February 8, 2016 Share Posted February 8, 2016 What irritates me about credit scores is the length of time it takes to correct past mistakes. None of us are perfect, yet to judge someone on something they did six years ago is ridiculous. Three years possibly, but six is excessive. I find the fact that if you are shopping around for the best deal, its all registered on your file and considered a bad mark. How can this be acceptable in the current world where we are told to do exactly that for all other services. Link to comment Share on other sites More sharing options...
Stoned Posted February 8, 2016 Share Posted February 8, 2016 I find the fact that if you are shopping around for the best deal, its all registered on your file and considered a bad mark. How can this be acceptable in the current world where we are told to do exactly that for all other services. Them that make the rules call the tune? Link to comment Share on other sites More sharing options...
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