Bad Credit Rating Loans

[djtdjt]

I admit i've had money problems in the past, unfortunately there appears to be a 6 year time lag on getting a good credit rating through the relevent agencies, all past debts are cleared. I require a short term loan of approx £5K, can repay via inheritance/pension (in about 6 months time). Any ideas on lender who could help?

[Buenchico]

This is NOT a recommendation, as such, as I know nothing about them. However there used to be a time when every other ad on daytime TV seemed to be for Ocean Finance, who claim that they can help people with poor credit history. So perhaps they might be worth a try?
https://www.oceanfinance.co.uk

[Jackdaw33]

A word of warning. These people are not lenders, they are brokers. They charge weekly fees, whether or not you end up getting a loan.

[Buenchico]

^^^ Ocean Finance don't charge borrowers.

Quote:
"We will not charge you for arranging your personal loan but, if your application completes, the lender will pay us for our services"

https://www.oceanfinance.co.uk/loans/poor-credit-loans.asp

[Jackdaw33]

That only confirms my suspicion that they are brokers and not lenders. Be very wary of companies offering loans &c to people with poor credit history. As many more are likely to be rejected than accepted there has to be a catch, usually charges or outrageous interest rates.

[vetuste_ennemi]

Is this a possibility? I know I as thinking of being a lender at one time. Anyone else have any experience as a borrower?


https://www.zopa.com/

[Flonska]

In the UK, providers of loans and credit, share information with 3 credit reference agencies:-

Experian
Equifax
CallCredit

I suggest that you contact each agency and for £2.00 you can obtain a copy of your credit file (statutory report) and see what is being passed to those who assess you for loans/credit.

http://www.experian.co.uk/downloads/consumer/Stat-App-Form.pdf

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

http://www.callcredit.co.uk/consumer-solutions/your-credit-report/statutory-credit-report

If any information held is not accurate, you may challenge it and the data shown may be amended.

You also have the right to put a note on your file (Notice Of Correction) to explain any relevant circumstances that may have adversely affected the record. Once on your file, a N.O.C. must be read by any prospective lender before making a decision.

Also by knowing what is on your credit file it may help if you are "up front" with any less than satisfactory account payment history and offer a coherent explanation.

If you have any joint financial commitment with a partner - s/he ought to obtain a copy of his/her credit file as well.

If you do have an existing and good relationship with a financial company e.g. bank, building society, start there. Also if you have a good record with a credit card or store card company, check if they offer loans.

You say that you have means to repay the loan from another source. It may help if you can get that confirmed in writing by say a solicitor or the pension provider - to show to any prospective lender.

There are companies out there that will lend to those with a poor credit history but usually the perception of the "potential risk" will be factored into the terms offered and more likely, the APR% charged.

Be advised also that as you seek credit, a record will be made on your credit file each time someone "searches" it. Searches are, I think, held for 12 months on your file and may also affect any current application lending decision. So don't go firing off applications to all and sundry.

[Theseeker123]

Apart from the actual question as to where... I would add to Flonska`s answer that if you obtain a credit report and have a "Notice of Correction" added you can also add a password so that any company asking for your credit rating should contact you to obtain the password to enable the credit rating info. being passed to them. This prevents (hopefully) submitting a fraudulant credit application in your name.
The credit reference agencies tend to keep and publish records of your credit applications in their reports on you for 2 years.
They also publish records of things like motor insurance quotations requested. This is of course the Motor Insurers who check the credit report, not the reference agencies who "only" collect the information.

[Peter Pedant]

wait 6 months

( I wont even go near what you are seeking is called 'time discounting' - yo need money now and are willing to pay later. the difficulty is that as a result of past er issues you are set to pay and pay and pay}