Best place for a personal loan with bad credit.

[kermit1986]

First off, here's my situation.

 

I have approx £900 of debt at the moment (mostly unpaid bills, and problems with an ex girlfriend over paying her half etc).

 

However I'm really hoping to go to university in September, and I NEED a laptop (as my pc is badly dated), I was hoping to spend about £400 on one, and thus be able to work on a portfolio beforehand also.

 

My situation with bills has landed me in bad credit, and basically I just want to get a personal loan, pay off all the individual debts, and have piece of mind knowing I only have 1 company to pay back pretty much.

 

The specifications are basically, I want to borrow £1500, but pay back over 6 months (before I potentially start Uni). I had a look on a couple of websites, and it seemed like I could get this loan and only have about £250 to pay back a month, which was doable.

 

However the problem is, the attractive places to get said loan are likely to reject me I think. I've only tried 1 place so far and that has been Egg.com (who denied me today).

 

Since then I've tried focusing on places that offer bad credit loans (as seen on tv), 1 person mentioned Yes Loans...to which I "googled" them, and have read a lot of negative about (as well as the fact they require an upfront admin fee). I then did some looking on my own, and came across "Welcome Finance" to which I "googled" and heard a mixed bunch of views on. However I believe Welcome Finance push a really high APR, and have been known to mis-sell a few customers.

 

I'm basically wondering if there are any decent companies out there to go to for this loan? I understand what I'm getting myself into, and my current life situation is perfectly suitable for paying back this loan after some recent hard times, I just don't know who is my best option.

 

Thanks in advance

 

 

:edit:

 

Also, some people are suggesting I try to get hold of a credit card that gives me £1500, or whatever amount, but allows no interest for the first 6/ 12months. This way I could technically have access to the money I need, and as long as I've paid it back before the interest period is over, I should be ok right?

 

I've always avoided credit cards, but if it's the better option then I'll go with it (as long as I'm not silly with it, and with my recent minor taste of debt...I really really don't want to let things get worse).

Still though, the question of "who can I approach" who offers and would accept me for such a thing?

Edited February 23, 2009 by kermit1986
Added text:

[kermit1986]

Sorry to bump, but can anyone assist.

 

Also another current road bump in my search to get this is that it's hard for me to prove my earnings as I'm currently just working for my dad but earning a fixed amount so can steadily pay back the loan easily.

[notsoevil]

visit moneysupermarket.com to have a look, or just type in bad debt loans into google, becareful of the interest rate dont end up paying 50% or the likes! read the small print as well!

[gizmo111]

If you have bad credit then you won't get a 0% credit card. Save up asd much as you can and get your laptop, won't take more than 2/3 months at the rates you are suggesting, then throw all your surplus income at your debts, starting with the highest interest ones first you'll be free of them before you go to Uni.

 

Alternatively could your dad give you an advance on your wages for the laptop. If you get a shortterm loan it will cost you far more in interest than paying each

[poppynurse]

Or consider student loan/student bank account with overdraft.

[cosalt]

Don't do it !

 

If you can afford to repay the loan in the next six months, then why not save that money, repay your debts and buy the laptop ? And all without a loan or interest.

 

With £250 a month and £900 of debt you can easily repay them within 4 months. Write to each creditor, explain your situation and that you will repay them in 4 payments, I would bet they will all accept it no problem. Then set up standing orders to each company. Writing the letters won't be any more difficult than applying for a loan.

 

If you need a template, we should be able to find one on here for you.

 

Good luck,

 

Cosalt

[royce6831]

I feel with you, I know quite a few people that are in the same situation like you. You should inform yourself about loans and bad credit history to find the best possible loan for you.