A friend of mine with a low credit score is looking for a personal loan of £10,000?

Any ideas????????????????????????????????????

 

Your friend might want to consider using a credit card instead. Morgan Stanley are offering 4.9% on balance transfers until the amount is paid off.

Check out www.morganstanley.com/cards

 

I got an Egg card which had 0% APR for 6 months and transfered my balance from my MBNA card. Once this 6 months was up I transfered the balance back to my MBNA card as they are currently doing 2.9% APR on all balance transfers for 6 months.

Problem is that because your friend has a bad credit history they are probably not going to give him a 10K limit...

 

You could always check out www.moneysupermarket.com

TONY

 

will be hard pushed to get 10k limit with iffy credit history

 

Even with some adverse history it can be done. It is easiest if you own property but even without there are possibilities.

Find a broker (independant) who can shop around for you. Some of the broker websites around are good, www.charcoalonline.co.uk and www.purplequote.com, but don't rely on them as they often just show an interest rate that is a best case scenario and the borrower won't always get that.

Interest rates will be higher because of the increased risk but it can often be worth paying those higher rates as you can use the loan to repair your credit history.

 

As above try http://www.moneysupermarket.com or http://www.moneyextra.com for good loan comparisons.

Dave

 

Have to agree with the advice about credit cards.

I just took out a Tesco cc.1.5% fixed until June/July.Works out @0.124% per month.
Either Nationwide or Abbey National do a 0% fixed till the summer.
I also remember reading about one through British Airways fixed at a decent rate till it was paid off.This was only on balance transfers.Any new purchases were at a higher rate.
If its for a car purchase i know my local BMW dealer would let me pay up to £4000 on card on a £7000 car with no charge.

When you say low credit score do you mean,
1.Not much history of borrowing/repaying loans/credit or
2.Do you mean bad credit history ie defaulted on a loan etc.



[Edited by paulr - 1/9/2002 5:31:47 PM]