Bad Credit and personal loans

xbox360dublin

Hi Guys,

Basically i screwed up when i was 18! im now 25, i know i still have a bad credit rating cause when i apply for a loan i get refused straight away. I messed up with a credit card and a personal loan around 5 years ago, i was paying ok for 2 years, then i lost my job and stopped!. idiotic thing to do i know!

i was just wondering if anyone know of any institution that lends with a bad credit rating. I know a few banks apparently do it but charge a higher interest rate, but its a way of building back up your credit rating! I just dont know the names of these banks. anyone got any info that can help.

Sponge Bob

5 years is what it takes to clean your record automatically . see this

http://www.icb.ie/

and

http://www.icb.ie/pdf/Sample%20Credit%20Report.pdf

get a copy off them for €2 and see when its clear .

Ruu_Old

Do as Sponge Bob says, look for errors in you report also as it does happen. Some peace of mind.

faceman

OP, before you do all that, you need to pay off the debts! Have you judgements registered against you? If so then the 5 year thingie wont apply as you will always have those judgements registered.

If you pay the debt off after its registered, then its noted as satisfied, however the judgement and satisfaction will still remain in the public domain.

shoegirl

xbox360dublin wrote:

Hi Guys,

Basically i screwed up when i was 18! im now 25, i know i still have a bad credit rating cause when i apply for a loan i get refused straight away. I messed up with a credit card and a personal loan around 5 years ago, i was paying ok for 2 years, then i lost my job and stopped!. idiotic thing to do i know!

i was just wondering if anyone know of any institution that lends with a bad credit rating. I know a few banks apparently do it but charge a higher interest rate, but its a way of building back up your credit rating! I just dont know the names of these banks. anyone got any info that can help.

Not in ireland, not for ordinary personal loans, no.

The only people to offer unsecured personal loans to people with crap cedit in ireland are moneylenders and they will charge you up to 30% interest and possibly more. They'll probably also break your legs if you don't pay up.

xbox360dublin

cool thanks guys, i will find out what exactly is owed and pay it off, im in a good job now so it shouldnt be an issue! bout time i sorted this out!

Sponge Bob

if there is a judgement anywhere you should also see how to 'satisfy 'it

pjproby

i frequently get offers of a personal loan by post from citifinance which is part of
ge capital. the impression i get is that it is just a matter of signong the form though no doubt there is more to it. if you read the small print the apr is 29.9%.
this is a rate that your local moneylender would charge.

Sponge Bob

that is a moneylenders rate ( anything over 23% + or 24%+ ) , I did not know GE had a moneylender department as they are pretty bad themselves .

Citifinance is a brand name within the large Citibank which engages in predatory lending to those who cannot get credit. Avoid like the plague

CitiBank merged with Travelers Insurance Company which owned Commercial Credit. CitiBank, now known as CitiGroup, engages in sub prime mortgage lending through CitiFinance (formerly Commercial Credit).

We have numerous cases involving these bank-owned sub prime entities. In these cases, we have seen countless examples of abusive lending practices, including high interest rate and points, loan flipping, home improvement scams, credit insurance packing, high prepayment penalties, etc.

From here

KdjaCL

Credit Union will give you aloan as long as you have 13 weeks saving and only borrow double what you have in.

Also 4% interest or none if they know you (still dont know how that works but 0 interest)


kdjac

Sponge Bob

not if the CU is a member of the ICB who have 'that' credit history file.

chele

did u end up going with a money lender?
Has anyone ever used a loan shark and has advise for me about them?
Anyone know of a loan shark in sligo or mayo area?

Hitchhiker's Guide to...

chele wrote: »

did u end up going with a money lender?
Has anyone ever used a loan shark and has advise for me about them?
Anyone know of a loan shark in sligo or mayo area?

1. Dragging up old thread
2. We don't offer recommendations for loan sharks on boards.ie
3. Please don't borrow from a loan shark