Looking for a loan-very bad credit record

C

cossie2

Guest
hi people,
im just wondering, i have a very bad credit rating, my own fault, i have sorted my problems out now, but i cant get a loan off any financial institution, are there any companies who cater for people like me??? i dont have a mortage, i earn a very good salary so repayments would not be a problem, i know its my own stupidity i got into this mess in first place, im just looking to make a fresh start. appreciate any help people can give, i know high interest would be involved
 
Re: looking for a loan

A credit union would be your best bet. Join now; make regular savings for a few months before looking for a loan; For your first loan you may have to go to a committee; be open about having had problems and having resolved them.
 
Re: looking for a loan

Have you tried you local Credit Union? You may need to have savings with them in order to borrow, but it's worth a shot.

I wouldn't recommend any others who would offer to lend to those with very bad credit ratings as the cost of borrowing tends to be extorionate.
 
Do not touch the Loans offered on TV, to people with bad Credit Ratings. Repeat, Do Not Touch those loans. I very recently dealt with someone who borrowed E10K from those pirannhas, and, I nearly vomited at the Terms and Conditions attached. Like...the E1,500..."handling fees", and the fact that the poor borrower will pay back almost 27K, all told!!!

Also, be aware, that Credit Unions are quite entitled to see your Credit Rating, and they can, and they often do, refuse loans too.

Most people do not realise, but a bad credit rating, generally takes 7years to eradicate. All Banks have their own way of "grading" customers, but, it all boils down to the same thing, you either are deemed worthwhile, or, you're not. And, apart from been refused loans, if you have a bad credit rating, it can affect you in a zillion other ways too. And, not just in Ireland either. You can go to Oz , the USA, or any European country, and your bad credit rating can come back and bite you on the bum, when you least expect it to. Believe you me, International Banks...DO cross check.

My suggestion would be that you do not attempt to borrow, at all, from any Financial Institution, because you will only have it added to your record that you were refused. Build up your funds by getting another job, or borrow from your Ma or your Uncle Mick, or live on Tesco noodles and pasta for 3 years, and save every Euro you can scrape together.

If your credit rating is really bad, then obviously you have previously defaulted on payments? So, why, should any other Financial place, take a risk on your word?
 
I'd like to echo what other people have added. Go to your local Credit union, better terms , better interest and easier to deal with
 
CUs are not always more cost effective to borrow from than other lenders especially when their interest rates and the need to hold money in savings/shares is factored in. Ask your CU to quote you an APR on a loan that also includes the cost of keeping money on deposit/in shares and see what they say!
 
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