i have no credit history because i hate the idea of owing money but now i need a loan of about £5000 and no one will offer me finance. Not even my bank which i was annoyed as i have a decent regular wage being paid in to my account every month. Does anyone know where i might be offered a loan without having to pay back twice the about loaned?
2006-09-13 11:06:39 · 11 answers · asked by Chris 2 in Business & Finance ➔ Personal Finance
Barclays bank are usually good when it comes to lending money to people with low credit ratings!
2006-09-13 11:09:48 · answer #1 · answered by Back Row Kiss 3 · 0⤊ 0⤋
Even if you have never had a loan before you will have what is called a Credit history. If you have never been overdrawn, owed any money to any institution beyond the pay date (and that includes paying all your bills and credit cards on time) you will have a perfect credit history.
If your own bank refuses to lend you money, you have to go and ask them why. By law they are obliged to provide you with a good reason to refuse credit. Don't let them get away with feeble excuses, but also don't become abusive to the staff. Chances are that they don't know either. If they can not give you the answer, kindly explain that you are not holding them responsible for this and that you are not making a complaint, but ask to speak to the manager. Good chance that you will be able to work something out. Ask them for instance if it would help if you would pay back quicker than the term you originally applied for.
If you want more information on how to manage finances in general see (http://www.fsa.gov.uk/consumer/). When you browse this site you will also find an overview of the rates the banks are charging. Under no circumstances should you go to any of the money lenders that advertise with "even if you have no credit history" (but you seemed to have worked that one out already).
Good luck. Don;t get angry, don't lose your temper.
2006-09-13 11:18:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Go to other banks - start by asking about switching your bank account. then ask about personal loans and overdrafts. Don't sound desperate for the money. Just say you are unhappy with you current bank and would like a better service. Try the banks below first. most banks rip you off on credit cards and loans. My card is around 9.5% and they offered me a £15,000 loan at about 6.5% not long ago. I do have 5K in a savings account with them and no debts though - no credit history either.
2006-09-13 11:15:21 · answer #3 · answered by Mike10613 6 · 0⤊ 0⤋
Hmmph - sorry - sounds like you're left with the loan sharks. I suggest you contact a loan broker who may be able to contact loan companies that are not advertised in the regular media.
All the best.
2006-09-14 01:43:25 · answer #4 · answered by scallywag 4 · 0⤊ 0⤋
get a 0% credit card or a personal reserve account from M&S they're pretty good and you can use them a bit at a time if you don't need it allat once.
2006-09-13 11:11:18 · answer #5 · answered by kittykat 2 · 0⤊ 0⤋
JOIN A CREDIT UNION FOR A POUND AND PAY BACK BACK LOW RATES BEST OF LUCK
2006-09-13 11:14:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Look on the internet they have good guides on there
2006-09-17 09:59:37 · answer #7 · answered by Candy 5 · 0⤊ 0⤋
the bank
2006-09-16 01:07:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋
www.surefirefinance.co.uk will help you apply online and they will get back to you with how much you can borrow, they have helped me out more than once!!
2006-09-14 02:28:37 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Not a lecture Chris, but please do think carefully before borrowing, please please get good advice, I did in the end, but got badly burned and it cost a lot and ten years worry, depression, I could go on. Again, take advice and good luck xx
2006-09-13 14:09:38 · answer #10 · answered by Anonymous · 0⤊ 0⤋