Loan without being ripped off

[THO]

Hello all,

and apologies if this has been raised before, I am sure that it has!

I would like a loan of £2500 over 5 years, I am employed and could afford repayments of £60 a month or there abouts without putting my finances in jeopardy, however I have a poor credit history.

I have looked online, but it seems websites want to charge me just to point me in the 'right direction'

 

Are there any honest online brokers that can help me?

 

Thanks

[assisted blonde]

It may be a bit late now but I dealt with Welcome Finance a few years ago and found them to be strightforward and helpful on the one occasion I needed to pay late. i had a 3 year loan which I paid off in 2 due to a change of employment, interest charges are fairly high but the repayments were within the budget i had.

[Loontwo]

It seems from a lot of research the past few days its difficult to get a fair loan without a good credit rating.

 

Your loan would mean paying back £1100 interest based on £60 a month repayment.

 

Firstly is it really worth it? I know its paid across 5 years but being happy with half your loan amount as added interest especially with a low amount like £2500 is money wasted.

 

It will be hard to get a loan regardless, poor credit history's are usually turned down right away.

 

Recently got a loan. Had a low interest loan with them before (£1500) and only paid £60 overall interest. This time my credit history shows I paid it in full with no missed payments, am not in any debt, only missed a few payments with phone over 6 months ago (long story but they were in the wrong), however overall my credit score was above average/good.

 

They still offered me the loan at 18.9% which is quite high compared to what I expected it to be.

 

If you really need the loan now, try a guarantor loan, might be able to help

[johnvernon74]

Try your local credit union much better

[ims21]

Well Welcome won't be of any use to you now and even if they were it would one of the companies to steer well clear of.

 

Credit Union sounds like a good move to me

 

I certainly would not pay a broker

 

ims

[wentworthfs]

Sorry for the late response but this may help others looking for a fair deal. Unless you have the best credit rating (credit expert score in the 900s) then you are not likely to get a good deal on a personal loan. The best deals are available via the high street banks including some of the supermarket chains. With good credit your likely to be offered the best deal from your own current account bank, as they know how well you conduct your account.

 

For those who have fair to good credit rating (credit expert score of around 750) then there is one or two options available via loan brokers.

 

A credit rating below 500 then your looking at guarantor lenders only and much higher APRs

[InformedSearcher]

Sorry for the late response but this may help others looking for a fair deal. Unless you have the best credit rating (credit expert score in the 900s) then you are not likely to get a good deal on a personal loan. The best deals are available via the high street banks including some of the supermarket chains. With good credit your likely to be offered the best deal from your own current account bank, as they know how well you conduct your account.

 

For those who have fair to good credit rating (credit expert score of around 750) then there is one or two options available via loan brokers.

 

 

 

A credit rating below 500 then your looking at guarantor lenders only and much higher APRs

 

Dare I add regarding Credit/Loan Brokers...

 

Before you enter a single detail (seriously) LOOK at their Terms & Conditions and check they do not charge a fee.

I'll start a new thread that might be useful regarding such enteties that shows just how much they'll try and 'rip you off' for.

 

Michael