Loans for those with crap credit

[Cigaro]

Right, basically I need to buy a bike for commuting to and from my second job, so I need to borrow about £1000. I have bad credit and I'm not a homeowner.

I don't care if it's high APR because I plan to pay it off in 4-6 months, but I don't want to be ripped off. Who would you reccomend, if anyone?

[TheShaggyDA]

If you already have a credit card, buy the bike on that then do a balance transfer to someone like Virgin, who are offering 15 months 0% interest.

If you don't have a credit card, speak to your bank manager. Don't just apply for a loan (and get turned down) but show him what it's for, and how you intend to pay it back in the 4-6 months. Dealing with a human bypasses the automatic points based refusal. I had a shite load of debt and needed to consolidate cards, loans and overdraft, but my own bank wouldn't consider it, nor would the other three of the big four. I just trudged door to door armed with proof of income, proof of outgoings and two spreadsheets, one showing what position I was in, and another showing how it would look after consolidation. Finally I spoke to a woman at Yorkshire Bank, who were happy to loan me the money as long as I moved my account to them. A small price to pay, considering the breathing space it gave me.
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