£1,000 - £2,000 with bad credit.

[Jason_Lee]

Has anyone got any advice on how to get between £1,000 and £2,000 with a bad credit history. I am sorted now and am good with my money. Im in full time employment. I need this money for my business to move forward.

Can anybody help me?

 

[Jason_Lee]

The reason im asking is because alothough im alright now, my bad credit history is still on my file. I am not bothered about the interest i pay back.

 

[PI Guy]

lend it to yourself. Do you not have any credit cards? Try Capital one

 

[Jason_Lee]

no i dont have any credit cards and with my previous bad credit i cannot get any either.

 

[Rebecca]

The reason im asking is because alothough im alright now, my bad credit history is still on my file. I am not bothered about the interest i pay back.

Perhaps this is an old-fashioned point of view, and it may well not be what you want to hear, but why not save the money yourself? With time and good habits, your credit history will improve. Also, I would suggest that you should be very bothered about what rate of interest you are borrowing at. If you're working full time and say that you are a 'good' risk, then why not look at where you can conserve cash, put yourself on a budget and save up.

If you want some inspiration, you could take a look at the forums on moneysavingexpertdotcom.

 

[PI Guy]

no i dont have any credit cards and with my previous bad credit i cannot get any either.

Even people with a bad credit history can get credit cards, its only that the interest will be higher to take into account of the higherr risk that you pose.

Have you obtained your credit history from the big 3?

 

[Robert Bone]

I agree that saving money is by far the best thing to do. However, if you do wish to borrow it may be an idea to consider going to your bank. A new lender doesn't know you so must judge the risks from your score, and the profit they'll make (even at a high rate) for £1-2k isn't really worth the hassle from their point of view to listen to you reasons why you are a good bet.

You have a history with your bank so although you may have had problems elsewhere, they can see from your statements your income and outgoings, and can judge more accurately your affordability levels.

 

[Eagle]

Have you taken a look at www.zopa.com? Might be worth a try?...

 

[leemason]

Do you know what your credit score is? It may be worth getting a report on yourself from Equifax.

 

[Jason_Lee]

I have, my score is POOR(in the red)

 

[seabro]

Jason,

In one breath you said you are sorted and good with money now and in another you said you don't mind what interest you pay.

I would agree with Rebecca, you should try to save it up. You will probably find it goes further too when you save it.

Good luck.

 

[MKH]

There are a few companies who will lend to you. Capital one specilaise in less than perfect credit histories and would be able to help but with a low credit limit of say £500.

The only advice I would give is that you need to be sure what you want and most importantly, the consequences of defaulting on any loan or credit card, ie, you default on a Capital One card and you will be in trouble as that is almost like the last chance saloon.

 

[JoyDivision]

I am not sure how much spare time you have but if you get a very part time job you can save in no time. I am currently working two days a week in a shop and it dosn't affect my business at all, it just means I am £300 a month better off. In around 6-7 months you will have earn't enough not to need a loan.

 

[Jason_Lee]

Thanks everyone for their advice. The problem is this i need now. The ideal way to get this money is to save but i need the money for something now. It is actually £800 now. Would anyone consider lending it me with a good rate of interest? Im sure there are some investors out there.

 

[Eagle]

http://search.live.com/results.aspx?q=business+angel&mkt=en

 

[MKH]

What do you need it for?
How would I get my money back?

Details please if you want serious interest, however, I feel that because it is only £800, you will struggle to get anyone to do it.

 

[Mortime Business Software]

SALINV wrote:
~~~~~~~~~~~~~
lend it to yourself.
~~~~~~~~~~~~~

I don't think that's advisable. Would you lend money to someone with a bad credit history?

Dave

 

[TSx]

Capital One turned me down - and in the same day, Barclaycard and Egg both approved me...

edit: Applied to egg after Barclaycard as I realised they gave you an instant decision, ended up with both :|

 

[Robert Bone]

There are plenty of 'lenders' willing to take the risk for a high return on interest rates. Try looking in the Yellow Pages for:
"Fat Tony Loans"
"Nick the Greek's Loans and Kebabs"
"Mobster's Money Madness"
"Cash Converters" (however this one could be a bit dodgy and rip you off)

 

[JoyDivision]

Try Ocean Finance, they seem to specialise in high risk providing that you're currently paying current debts off or at least come to an arrangement. They are no loan sharks so they still refuse people and expect to pay at least 17.5% APR.

 

[robbie williams]

There are plenty of 'lenders' willing to take the risk for a high return on interest rates. Try looking in the Yellow Pages for:
"Fat Tony Loans"
"Nick the Greek's Loans and Kebabs"
"Mobster's Money Madness"
"Cash Converters" (however this one could be a bit dodgy and rip you off)

top draw PMSL

 

[Mark-UK]

Phil Mitchell loans are good.

 

[Lily Moon]

As a French person who had not lived in the UK for more than 3 years, I struggled to get a credit card and finally got accepted by Vanquis Bank who charge something like 49.9% interest on borrowed money!! I am slowly building up a credit history but then, I also do not live beyond my means.

I still have problems getting a normal current bank account and just have a cashcard account on which I am charged an arm and a leg for any transaction I dare doing! I calculated that I paid next to £500 in bank charges last year! And that is without being overdrawn!!

As my business has picked up nicely in the last few months, I have managed to start saving and am planning to do so over the next 3 years.
I think that saving is not so difficult: it is just a question on reallocating your priorities.

I am sure that if you go through all your needs, you might find that there is £800 out there of trivial or not necessary articles that could help you raise the funds. Once you have gathered all the items you don't need and someone else would buy, put them on sale on Ebay, your local newspapers etc...