Getting a loan with low/no credit history

[RM-Taylor]

Advice needed here. Basically everytime I apply for a loan from my banks (Santander and HSBC) I always get rejected because I have a low credit score It's a real pain and gets really frustrating after a while. I've been told a way to improve your score is to have store cards etc. but I even get refused for them

Any ideas on how I can get a loan without needing a guarantor

 

[hans kraay fan club]

How much do you want?

 

[RM-Taylor]

How much do you want?

£5,000 or £6,000

I get paid £700 every 4 weeks so it's not like I have no income.

 

[deletebeepbeepbeep]

How much do you want and why?

Do you have a credit card? Have you tried applying for a credit card?

 

[Titanic]

£5,000 or £6,000

I get paid £700 every 4 weeks so it's not like I have no income.

How much of your £700 every 4 weeks can you afford to use to repay this loan?

 

[deletebeepbeepbeep]

What do you need £5k for, that is a LOT of debt to saddle yourself with on a monthly earning of £700.

 

[pasty]

Unfortunately one of the few options open to you is the Ocean Finance route. They don't seem to give a toss who they lend money to, but do charge exhorbitant interest rates (I know, I've been in the same boat as you).

By the way, please don't take the above as a recomendation. It isn't.

 

[¤DãŃn¥ §êãGüLL¤]

Stay WELL away from loans. Especially at your age. You'll regret it.

 

[Lady Whistledown]

£5,000 or £6,000

I get paid £700 every 4 weeks so it's not like I have no income.

Don't want to be harsh but that is a fair amount on £700 a month. Would you have enough to look after yourself in an emergency if something else cropped up, say you needed a new clutch for the car etc? Do you really need that money or could get whatever it is you need to buy for less?

Right now it sounds like you have no credit record, annoying but can be fixed. If you take out a loan and then default on it, then you'll have a bad credit record, which is far harder to remedy.

 

[RM-Taylor]

How much do you want and why?

Do you have a credit card? Have you tried applying for a credit card?

Always get turned down for creidt cards aswell.

How much of your £700 every 4 weeks can you afford to use to repay this loan?

I'd say £150/£200

 

[The Large One]

Advice needed here. Basically everytime I apply for a loan from my banks (Santander and HSBC) I always get rejected because I have a low credit score It's a real pain and gets really frustrating after a while. I've been told a way to improve your score is to have store cards etc. but I even get refused for them

Any ideas on how I can get a loan without needing a guarantor

Also, it sounds like the sum you're after in comparison to your salary is proportionally quite high.

 

[Lady Whistledown]

What are your prospects for the foreseeable future, salary wise?

I assume you're paying fairly low or no rent if you can afford to spend £200 of your salary on loan repayments. If that's the case- living with the folks or whatever- then think about how long you can put up with that arrangement if your salary isn't likely to go up significantly, as it would have a big impact on your ability to move out. Though I admittedly don't have a clue what rental costs are in Grimsby!

I hope you don't take this as a dig, just some honest advice Some people think a loan is basically free money for them to spend as they wish and then ignore the repayments, likewise with overdrafts. Call me an over-cautious, unfashionable old FART but I've always tried to avoid owing anyone anything, with the exception of my mortgage.

 

[hans kraay fan club]

I hope you don't take this as a dig, just some honest advice Some people think a loan is basically free money for them to spend as they wish and then ignore the repayments, likewise with overdrafts. Call me an over-cautious, unfashionable old FART but I've always tried to avoid owing anyone anything, with the exception of my mortgage.

Are we talking about POMPEY, again?

 

[Tricky Dicky]

As a Nigerian businessman, if you send me your bank account details, I will deposit the required amount for you.


"* disclaimer : No I won't ""

 

[hans kraay fan club]

£5,000 or £6,000

I get paid £700 every 4 weeks so it's not like I have no income.

What do you need it FOR?

 

[Billy the Fish]

When I was 19 I was taking home £800 a month and had to take a £3000 loan because I'd gone silly with the credit cards in the previous year (free money )

The repayments crippled me for the first year, and were a pain in the arse for years 2 and 3 after a pay rise at work. It is a total bastard and I've never come close to doing it again.

Unless you're properly in the shit for some reason DON'T DO IT.

 

[RM-Taylor]

What are your prospects for the foreseeable future, salary wise?

I assume you're paying fairly low or no rent if you can afford to spend £200 of your salary on loan repayments. If that's the case- living with the folks or whatever- then think about how long you can put up with that arrangement if your salary isn't likely to go up significantly, as it would have a big impact on your ability to move out. Though I admittedly don't have a clue what rental costs are in Grimsby!

I hope you don't take this as a dig, just some honest advice Some people think a loan is basically free money for them to spend as they wish and then ignore the repayments, likewise with overdrafts. Call me an over-cautious, unfashionable old FART but I've always tried to avoid owing anyone anything, with the exception of my mortgage.

I'm meant to pay £100 every month to the parents, althought they both want to move back down South so will be needing my own place sooner rather than later, have a few friends who are also on the look-out for a place somewhere so I might end up sharing with them for a while. At the moment I can't see my salary improving, or at least for the time being.

What do you need it FOR?

Preferably a used car and to pay off insurance, also a holiday too with the mates.

 

[deletebeepbeepbeep]

The repayments will seriously hack you off long after the good feeling from new car and holiday. Save 200 a month get a slightly cheaper car and sack off the holiday until next year.

 

[hans kraay fan club]

Preferably a used car and to pay off insurance, also a holiday too with the mates.

You can buy a used car from a dealer on interest free credit - better than a bank loan, on x%.

You don't need a foreign holiday on tick, that you can't afford.

 

[Theatre of Trees]

I'm meant to pay £100 every month to the parents, althought they both want to move back down South so will be needing my own place sooner rather than later, have a few friends who are also on the look-out for a place somewhere so I might end up sharing with them for a while. At the moment I can't see my salary improving, or at least for the time being.

You're going to be in for a shock then when you do move to a new place as all those things you haven't paid before; gas, electricity, phone, council tax, water and food will be added to your monthly bill. Whatever it will be it will certainly be more than £100 a month

Preferably a used car and to pay off insurance, also a holiday too with the mates.

Forget about the holiday, borrow now for one this year and you won't be having another for a long time to come.

Not sounding harsh but borrowing is a stupid idea particularly on the small amount of money you are on now and especially as you may end up moving in and having to pay your own way. Whether you like it or not you may have to forego the car or buy the cheapest clapped out banger you can find and get insured for. If you want more money you will need to earn it first before thinking of borrowing.