I am looking for a loan but have a no credit rating can you direct me
to a company that may be able to help

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Request for Question Clarification by leeann-ga on 15 Nov 2002 10:26 PST

What kind of loan are you looking for (car, mortgage, personal) and
how much are you looking to get? Also, do you have no credit rating or
bad credit?

leeann-ga

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Clarification of Question by dibbywelsh-ga on 16 Nov 2002 02:55 PST

I am looking for a personal loan and have no credit rating.  I have
tried to obtain loans but have been refused because my credit scoring
does not meet criteria.  I had an orange mobile phone and was in
arrears on this account but that was in 1999 and this is the only
matter that shows against me on my credit file.  I think i cannot get
a loan because I have no credit but I know that there are some lenders
who specialise in my sort of problem.  Can you locate these for me. 
Many thanks.

Hello dibbywelsh

Sorry to hear you've been having trouble getting a loan. I hope one of
the companies mentioned in this answer will help. I've assumed you're
in the UK since you mention an 'Orange mobile phone'.

The good news is that you will probably be able to get a loan even if
you are seen as a poor credit risk by some companies. But the bad
news: loans are a lot more expensive with a 'bad credit score' and
unfortunately that can include people with arrears in the past and not
much other credit history. From what you say I think you've already
investigated what credit reference agencies hold on file about your
financial history. Just in case you haven't already done that, I've
given you information about it later on.

So, how do you get a loan if you don't score highly enough to be
offered one by the first two or three lenders you approach? There's a
useful site called 'Easyquote' which helps you sort through the
various possibilities once you've filled in some personal details. I
suggest you try out this site before contacting any specific
companies.
 
I tried it, pretending I was 30 years old, not a home-owner and with a
poor credit history. For a loan of £2000 repayable over 3 years, the
APR (annual percentage rate) for the interest on the best deal they
suggested was nearly 28%. (Though car loans are less.) But when I
repeated the process without saying I had a poor credit history they
found me a loan with an APR of only 7%.
Home ownership makes a big difference too. If you own your home you
can get a 'secured' loan at a lower rate.

I do suggest that you shop around. I'm guessing that you've already
approached your own bank or building society. If not, you should
definitely try there. Please note that there is no fixed rule about
what credit 'score' gets what kind of loan. Each bank or company can
make their own decisions on this and it is worth asking several.

This is the Easyquote site which allows you to compare different
deals:
http://www.quote.easy-quote.co.uk/LoansP/PersonalLoansAssessment.asp?RC=1


Here are some sites offering information and loans to people having
trouble getting credit. Please note researchers cannot offer
recommendations and you should look very carefully at the actual terms
and conditions of any loan. What I'm saying is: don't forget to read
the small print! Also be wary of examples and 'typical' interest rates
- they may not be what you are eventually offered.

MDG
http://www.mdgdirect.co.uk/?source=google&searchWord=Adverse

UK loans
http://www.ukloansuk.co.uk/creditprob.htm

Loanspage
http://www.poor-credit.loanspage.co.uk/?2002111615515963a

24Hour Loan
http://www.24hourloan.co.uk/


CREDIT REFERENCE AGENCIES

As you may know, you are entitled to find out what information about
your financial history is kept (and given out) by credit reference
agencies. This boils down to finding out what the two main agencies
have on file:

"You can get a copy of your own credit reference by writing to these
two companies with details of your address/es for the last six years
enclosing a cheque for £2. Included with your credit file will be
details of how it can be amended if the information is incorrect. Each
piece of credit information remains on your file for 6 years.

Experian Ltd, Consumer Help Service, PO Box 8000, Nottingham, NG1 5GX
Tel: 0115 976 8747
Equifax Europe (UK) Ltd, Dept 1E, PO Box 3001, Glasgow, G81 2DT 
Tel: 0141 951 1100"

Advice on poor credit
http://www.debtadvisers.co.uk/11.shtml

There is a further credit reference agency in Leeds, Callcredit. I've
put their web address in the links later on.

If you're in a hurry it's possible to 'buy' some of this information
online for £10 or so, using a credit card, from:
http://www.checkmyfile.com/

(Make sure you're on the UK version of their site.)

Or you can register (free) and use online forms to estimate your
credit rating yourself at:
http://www.checkmyfile.com/Guest/CreditScore.asp


MORE LINKS

More information on credit ratings
http://www.credit-cards.uk.com/credit_rating.html

'UK loans' have a useful FAQs page
http://www.ukloansuk.co.uk/faqcredit.htm

Credit repair advice
http://www.ukcreditrepair.co.uk/

Experian
http://www.experian.co.uk/

Equifax
http://www.equifax.co.uk/equifax/consumer/homec.html

Callcredit
http://www.callcredit.plc.uk/corporate_scripts/index.asp


I hope this is helpful and wish you good luck. Please feel free to get
back to me if anything I've written needs further explanation, by
asking for 'clarification'.


Regards - Leli


This search will lead you to more companies specialising in credit
problems, but many of them only help home-owners:

"low credit rating" "adverse credit history" "personal loans"
://www.google.co.uk/search?hl=en&ie=UTF-8&oe=UTF-8&q=low+credit+rating+adverse+credit+history+personal+loans&btnG=Google+Search&meta=cr%3DcountryUK%7CcountryGB

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Clarification of Answer by leli-ga on 16 Nov 2002 10:23 PST

Thanks for the five stars - I'm glad you found the answer helpful.

very helpful thanks