Personal Loan/ Bad Credit Rating

P

Popsy

Guest
Morning,

My brother wishes to consolidate an existing personal loan and a credit card into one personal loan, so that he will have only one payment to make per month. However he has been refused from 2 banks (one which he has the personal loan with already & his salary paid into). He has in the past unfortunately missed a couple of payments on the credit card and also fell behind in payments on a hire purchase loan....he has since paid off the hire purchase loan (recently).

Is there any banks etc that would consider him eventhough his history isn't too good??? He's trying to sort himself out financially and therefore the reason for wanting just one payment a month....he has already cut up the credit card....

Thanks for any advise in advance.
 
There are a couple of lenders who will set the APR on a loan according to how they determine the risk. One of them is One Direct. Also, CitiFinancial specialise in lending to higher risk borrowers - but are VERY expensive.

Check out IFRSA's personal loan cost survey to see what each place charges.
 
Re: .

He would be crazy to consolidate his loans unless he ends up on a reduced APR rate.
 
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