Bad credit loans

[Bmwlover]

Ayup Lads I hope your all well

I am in a bit of a tight financial situation at the minute and due to poor choices in my younger years my credit score isnt great

Can anyone point me in the direction of Loan companies that will pay out even if you have a poor credit score

Thank you in advance 

[DastardlyDick]

There are loads of such company's around, but the interest rates are in the 100's of % APR, one, Lending Stream, even wanted 1333%!! Makes maxing out your CC look like a bargain!

[RandomGuy99]

Speak to your lenders and agree a payment plan.

[timsussex]

start with giving up punting and BMWs ! 

you seem to be looking for a short term solution and as noted in previous replies unsecured loans with a bad history are VERY expensive and will only deepen the hole you are in

If your bad choices were in your youth have you tried your bank ? assuming you have a regular salary and even a couple of years decent history will go a long way. Rates will still be high but not astronomical.

Otherwise
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[lewisjones23]

start with giving up punting and BMWs ! 

you seem to be looking for a short term solution and as noted in previous replies unsecured loans with a bad history are VERY expensive and will only deepen the hole you are in

If your bad choices were in your youth have you tried your bank ? assuming you have a regular salary and even a couple of years decent history will go a long way. Rates will still be high but not astronomical.

Otherwise
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depends how fucked his score is

long gone are the days when humans would look at circumstances, all done by the computer now and if you score below a certain figure its a straight no

[RandomGuy99]

depends how fucked his score is

long gone are the days when humans would look at circumstances, all done by the computer now and if you score below a certain figure its a straight no

If you go to your creditors and explain your situation and say how much you are able to pay then they may be willing to help. They don't want to immediately hand debt over to debt collection agencies.

Also try Citizens Advice and see if they can help.

It really depends how bad your position is.  Taking out high interest loans is NOT a good idea as you'll spend all your time paying off the high interest and very little of the original debt amount. They'll then have you by the short and curlies and they will hand debt over to debt collection agencies and seize goods.

One of the banks I use now calculates my credit score every month and shows it in their app. My score went down one month. I asked why and they told me it was because I wasn't using the credit I had available. I don't have any loans of any kind. I usually don't use my credit card, so I bought something for £10 using it and paid it off in full the next month. My credit score improved because I used some credit. I still don't use my credit card and the score has gone down a tiny amount. Crazy

[Pillowtalk]

Ayup Lads I hope your all well

I am in a bit of a tight financial situation at the minute and due to poor choices in my younger years my credit score isnt great

Can anyone point me in the direction of Loan companies that will pay out even if you have a poor credit score

Thank you in advance 

Try talking to your local Credit Union.

[Blackpool Rock]

If you go to your creditors and explain your situation and say how much you are able to pay then they may be willing to help. They don't want to immediately hand debt over to debt collection agencies.

Also try Citizens Advice and see if they can help.

It really depends how bad your position is.  Taking out high interest loans is NOT a good idea as you'll spend all your time paying off the high interest and very little of the original debt amount. They'll then have you by the short and curlies and they will hand debt over to debt collection agencies and seize goods.

One of the banks I use now calculates my credit score every month and shows it in their app. My score went down one month. I asked why and they told me it was because I wasn't using the credit I had available. I don't have any loans of any kind. I usually don't use my credit card, so I bought something for £10 using it and paid it off in full the next month. My credit score improved because I used some credit. I still don't use my credit card and the score has gone down a tiny amount. Crazy

Whatever happened to paying for what you have / had 

I used to work in an office with some feckless girl who had everything and was in the pub every night, she managed to write off a load of debt (apparently it wasn't her fault as these companies kept offering her more credit  ) and then announced "That's great news, I can book that holiday now" 

Someone has to pay for people who don't pay their debts back and that's the rest of us who tow the line and pay 

[Ghost89]

You could also try credit score sites like credit karma or Expedia. They have recommendations for credit loans based on your score.

[RandomGuy99]

Whatever happened to paying for what you have / had 

I used to work in an office with some feckless girl who had everything and was in the pub every night, she managed to write off a load of debt (apparently it wasn't her fault as these companies kept offering her more credit  ) and then announced "That's great news, I can book that holiday now" 

Someone has to pay for people who don't pay their debts back and that's the rest of us who tow the line and pay 

I agree, but it seems that since 2008 everyone has gotten used to incredibly low interest rates and has over commiited themselves.  People feel the need to compete with their neighbours or what they see on social media. Now when interest rates people struggle. The incredibly low interest rates were never going to stay forever.

His creditors might allow him to repay over a longer period. If you keep paying something it will keep them happier instead of you going silent on them, which will result in a visit from debt collection agent.

[DastardlyDick]

You could also try credit score sites like credit karma or Expedia. They have recommendations for credit loans based on your score.

I think you may mean Experian - Expedia is a Travel Agency, unless you're suggesting he moves abroad? 

[DastardlyDick]

I used to work in an office with some feckless girl who had everything and was in the pub every night, she managed to write off a load of debt (apparently it wasn't her fault as these companies kept offering her more credit  ) and then announced "That's great news, I can book that holiday now" 

Yes, I worked with some burd who basically lived on Credit Cards by paying what she could afford then transferring the balance to another Card offering interest free transfers and repeating the process - I never found out what happened when she (presumably) ran out of Card providers!

[myothernameis]

You could try aqua card, and this is the card company I took out  a credit card, to rebuild my credit history

[Blackpool Rock]

Yes, I worked with some burd who basically lived on Credit Cards by paying what she could afford then transferring the balance to another Card offering interest free transfers and repeating the process - I never found out what happened when she (presumably) ran out of Card providers!

Yes they used to call them / us as I did it myself "Rate Tarts" where you keep moving the money around from 1 low or interest free card to another.

I calculated at one point that I was effectively over spending on average by about £10 a week or £500 a year however in the mid to late 90's I was really struggling financially after being dropped in it by an ex and left paying a joint mortgage by myself.
The mortgage company when I sat in front of them and said I wanted to keep the house by myself looked at the loan value and what I earnt which was basically shit (think the equivalent these days of minimum wage) and informed me bluntly that I couldn't afford to pay it and if I came to them on my own there was no way they would lend me the money.
They did keep me on however as i'd been making the payments on my own for the previous 6 months

I worked 7 days a week in a shitty job that I hated and got talked to and treated like shit by everyone, I didn't go out socialising for 2 years, I rented a room out in my house and ended up with a couple of good people but also a couple of nightmares who made my life quite difficult

I could have buckled under and looked to get the debt written off or reduced however my debt was for basic living rather than holidays and flash cars and living the high life etc so I didn't see that as an option as I still needed to live

I have to say my situation was pretty dire for a few years and it almost fucking broke my will on a few occasions, safe to say that IMO anyone that racks up debt living the high life then walks away is basically a cunt 

In the case of the OP I don't know his circumstances therefore i'll not pass judgement on him but I do think he needs to clarify whether he's just skint from loving BMW's too much 

Edit - I was so skint at one point when food shopping that i'd only use a basket rather than a trolley as you can't fit so much in, I also had to add up how much value I was putting it the basket so that I didn't have to put anything back when I got to the checkout.
One time I needed washing powder to wash my work shirts at the weekend but it would have bust my budget, can't remember what the choice was between but it was washing powder or some essential like food. I chose the other as I could get washing powder the next week when I got paid at the end of the month, got home and started dismantling the cardboard washing powder box getting small amounts of powder out of all the little recesses under the internal flaps and the corners of the box etc, just got enough for a load of washing 

Money isn't an issue for me now however I still add up what i'm putting in the trolley and i'm normally right to within 50p or a quid at the checkout, couple of times it's allowed me to question how much the shop is when it's £10 or £20 more than expected and they've always rung something through twice

[pbrown355]

Top marks BR. Many people today have long since given up on the idea of only spending money you actuall have. Taking some level of responsibility, and working your way into a better financial situation has always seemed to me like the way it should be done.
Old man rant over, and not intended as any comment on the OP as I don't know his circumstances.

[Ghost89]

I think you may mean Experian - Expedia is a Travel Agency, unless you're suggesting he moves abroad? 

Ha ha! Yes I did. I couldn’t for the life of me remember the name! Although maybe if things get that bad a flight somewhere might be an idea!

[mills_and_bhuna]

I would sell the BMW and lay off the punting for a bit.

[Watts.E.Dunn]

Been running me own firms for some 40 years ups and downs but one thig has been a constant all those years and thats;

"Bankers are ALWAYS your fair weather friends" .......

[Blackpool Rock]

Top marks BR. Many people today have long since given up on the idea of only spending money you actuall have. Taking some level of responsibility, and working your way into a better financial situation has always seemed to me like the way it should be done.
Old man rant over, and not intended as any comment on the OP as I don't know his circumstances.

Yeah and I possibly come across as a reformed smoker "I gave up so why can't you" etc but i'm actually quite proud of the fact that I managed to keep my head down for so long and drag myself out of the shit

Anyway as I eluded to it's not a direct pop at the OP as he appear to be asking for advice on a loan rather than how to wipe his debt out so i'm sure he is above board 

[hairdownthere]

I spent a few years being skint, all due to wasting money on pish.  Not high end living, expensive cars, clothes etc, just over spending on things I didn't really need such as 3 holidays abroad a year, gadgets that got played with once, punting 4/5 times a month, and god actually knows what else!

I was living in my overdraft, payday loans and on a couple of credit cards, making the minimum payment each month, and would jump to a 0% promotion when I could.  I deliberately drove an old car because it cost me nothing to run.  This stopped when I couldn't get any more 0% cards and my bank threatened to pull my overdraft.  I never missed any payments on anything I was paying up.

I spoke to my bank face to face and asked for their help to get out of this situation, since I had been with the same bank since I was a teen, they gave me a loan to clear off my overdraft and credit cards, told me to get rid of subscriptions for stuff I didn't need etc and to keep the head on what I was spending. 

Took me around 3 years to sort it all out and it was hard as I had to watch every penny I was spending, do I buy a 50p loaf instead of a 55p loaf etc.  I was able to finance a newer car which was much more fuel efficient, which was handy as my work moved location to 15 miles further away.  My loan and finance payments worked out less that what I was spunking away before.

The outcome of all this was that my credit rating didn't suffer (improved over time as well) and has made me very careful with money, even though I don't really need to be that careful these days!

To the OP, approach your bank and come clean, they might be able to help you.

[Blackpool Rock]

I spent a few years being skint, all due to wasting money on pish.  Not high end living, expensive cars, clothes etc, just over spending on things I didn't really need such as 3 holidays abroad a year, gadgets that got played with once, punting 4/5 times a month, and god actually knows what else!

I was living in my overdraft, payday loans and on a couple of credit cards, making the minimum payment each month, and would jump to a 0% promotion when I could.  I deliberately drove an old car because it cost me nothing to run.  This stopped when I couldn't get any more 0% cards and my bank threatened to pull my overdraft.  I never missed any payments on anything I was paying up.

I spoke to my bank face to face and asked for their help to get out of this situation, since I had been with the same bank since I was a teen, they gave me a loan to clear off my overdraft and credit cards, told me to get rid of subscriptions for stuff I didn't need etc and to keep the head on what I was spending. 

Took me around 3 years to sort it all out and it was hard as I had to watch every penny I was spending, do I buy a 50p loaf instead of a 55p loaf etc.  I was able to finance a newer car which was much more fuel efficient, which was handy as my work moved location to 15 miles further away.  My loan and finance payments worked out less that what I was spunking away before.

The outcome of all this was that my credit rating didn't suffer (improved over time as well) and has made me very careful with money, even though I don't really need to be that careful these days!

To the OP, approach your bank and come clean, they might be able to help you.

Well done 
The thing is we all want a quick fix but it's a long haul and you just need to get your head down and plough on through a few years of pain

Once I got on an even keel I was then able to start making some progress and eventually even paid my mortgage off early, the mortgage money that I wasn't paying then went into a stocks ISA and i'm now looking to retire quite a bit earlier than the state retirement age

I often question how some people I know that were a couple both earning more than me can still always be skint, I have myself wasted a fair share of money on stuff that i didn't need but also at the same time made sure I controlled some costs

I often ask myself exactly what the fuck do some people waste their cash on  And then when you speak to them they seem to take the easy option every time so instead of making breakfast they pop into Costa or Starbucks etc on the way to work and get a tasteless sandwich and coffee, instead of making a sandwich and cutting up some fruit to take to work they go out and spend £8 on something not as good as I made myself for £1
Fine as a Friday treat but they do it every day, apparently i'm a "Tight cunt" to which I rely yes a tight cunt whose retiring 10 or 12 years before you are   

[pbrown355]

I think you make an interesting point. The easy option has a lot to answer for.

[Jayjay1]

Depends how bad is the credit file and if you have regular income.

If you have defaults that's still fine but the interest if sky high, if you only need the money for emergency for housing and bills , speak to them they will give you payment plan, so you dont have to folk out as much and they will waive late payment/interest etc.

I personally cut all my cost down asap , this includes any unnecessary subscriptions, like Netflix, gym stop take out etc

Try find a part time job , call centre, night shift etc instead of taking a high interest loan, the chances are you are digging yourself into a bigger hole with those loans.