No credit check loans

**Larkhall** · 12th May 2009 09:03

Does anyone know of a source for credit other than the payday type loans?

I used payday loans icon

to help me through when I started a new job last year but they are so expensive it's getting to be a problem to clear them. I need to borrow around £1500 and only want it for 12 months. I am happy to suffer a high interest icon

rate as it would still be cheaper but my credit is so poor that I am being knocked back for anything other than a Guaranator Loan.

Any advice?

**MARTIN3030** · 12th May 2009 09:06

Welcome to the site.
Will move your thread to general consumer issues.

**BankFodder** · 12th May 2009 09:32

I probably shouldn't interfere in this way, but hopefully we're all friends on this site.

You say that you use payday loans icon

last year to help you through a difficult time but now you're having difficulty with repayments.

Now you are saying that you looking round for another loan company and presumably that is to help you with the repayment of your first loan.

If you get a second loan I think that it is unlikely that you're going to manage and you will probably just fall into the spiral of debt. You probably teetering on the edge already.

These loan companies exist to bleed you dry and after that they will wreck your credit reputation -- more that it may be wrecked already -- they will hound you and harass you and make impossible demands and you will never manage to earn a penny that you were able to call your own.

If you are going to default on a loan then you may as well make it this one rather than stack up successive loans which simply become more expensive.

Really, the best thing that you can do is to avoid this kind of action like the plague!

**Larkhall** · 12th May 2009 09:47

My intention is to avoid defaulting by reducing my monthly repayment - I could easily afford a repayment based on an interest icon

rate of 50 - 100% pa and hoped that someone on here might know of a reputable organisation that might be prepared to take a risk on someone with a bad history but a decent income now.

**MARTIN3030** · 12th May 2009 10:41

Moved now-phone went before as I was about to do it.
I expect you will hear more of the same as Bankfodder has wrote-especially from those who have found themselves in that position after trying further loans.
However I know that you came here for advice and opinions and so its up to you at the end of the day to make those decisions.

**gyzmo** · 13th May 2009 08:20

Would a credit union be suitable? The interest icon

rates are generally not bad, but I believe a deposit is usually required and the amounts they will lend are not that much.

The problem is that lenders that provide credit on this basis do charge a higher % due to the risk being taken.

Whatever you do, DONT go to a loan shark. No-one should be that desparate.

**MARTIN3030** · 13th May 2009 08:25

Most Credit Unions also have a requirement that you show a period of saving with them (I think usually 12 weeks) and the first loan amount is apportioned to the amount that you have saved by that point.
So yes its good to be thinking of-but it does not offer a quick way of getting hold of some money.

**Larkhall** · 13th May 2009 09:12

I have looked into Credit Unions but they are all bonded by the area that you live in or work in. I live in Luton but the Luton credit union only covers a very specific area and there is no credit union in Westminster which is where I work.

**postggj** · 13th May 2009 09:30

in my opinion

dont take another loan
negotiate with your creditors

i fell into that trap and ended up with welcome finance

what a mistake that was
five years of hell

these companies will bleed you dry and still want there pound of flesh

ive been through it and its not very nice

**Larkhall** · 13th May 2009 09:45

looks like even more economising needed - suffice to say lesson learned!

**MARTIN3030** · 13th May 2009 22:04

Good conclusion.

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