If you need urgent support, call 999 or go to your nearest A&E. To contact our Crisis Messenger (open 24/7) text THEMIX to 85258.
Options
Bad Credit Loan
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Has anyone here even been given a loan who has really bad credit and also has anyone ever used YES credit to get a loan x
0
Comments
1) Do you really need it? I'm sure for about 98% of things you don't actually need the thing your getting a loan for - save up instead
2) Can you afford it? If you have a bad credit history its likely that the intrest on a loan will be higher for you than for others as your percieved as a bad risk.
Before taking out any loan including a mortgage I reccomend you sit down and work out how much money you have coming in each month, what your current outgoings are for things like, rent, utilities, council tax, food, clothing, transport and going out with your friends and regular savings. After you have deducted any of that what do you have left over to spend on a loan and work out from that how much you realisticially think you can borrow.
3) what is the reason you have a bad credit history? Have you changed your behaviour in any way are your circumstances now different. If you default on any new loans will it put you in even worse circumstances in the future?
Just looking at their website, nestled at the bottom:
Typical 48%APR
That's nothing less than theft.
.....yes car credit?
Yes Car Credit or whatever they are called now are about as dodgie as an nine quid note. :thumb:
The Provident are expensive but because of the way APR is calculated small loans over a short period of time always show a high rate of interest. To be fair to them the Provident are by far and away one of the easiest creditors to deal with professionally. They nearly always accept reduced offers of repayment and freeze interest charges if a financial advice agency gets involved. If only scum like Black Horse and Lloyds TSB were as easy to deal with.
The best one I've come across professionally is a company called Log Book Loans, who secure loans against your car. A snip at 367% APR.
My professional opinion is that you shouldn't go anywhere near this sort of credit unless you have a damn good reason. Nearly always its better to either save up or if you're on benefits try and get a budgeting loan from the DWP.