Everything was going good until....

[undercoverdon]

I found out I had no credit rating.

The Lendable site had a nice Representative APR of 9.99% for borrowing £1000 for 1 year. That means I would pay £88 for the first 12 months which is brilliant. I filled out the form with full excitement entering all the details expecting this to go through not knowing anything about credit rating. Quote declined quicker than the speed light.

What upsets me the most is that I already have more than half of £1000 but it's frozen for 6 months (thanks paypal).

Does anyone know any money borrowing sites that offers a good APR(possibly under 10%) and doesn't require my credit rating?

[yankee]

non secured lines or credit or loans not involving a credit score are next to non existant in the USA. I can imagine it is equaly as tough in the UK.

Do you have anything you can use for collateral with a local lender or pawn shop?

[blueuk]

Unfortunately without any good credit history, having none or poor credit will almost certainly mean you have zero access to 10% apr finance.

With no credit history, the only way you will access £1000 of loans will be 3, 4 maybe even 5 or 6 "payday" loans from money shops you see in large town/city centres.

You however won't be paying anywhere near £88 interest. (Note not for a second am I recommending that the route to go down)

[blueuk]

And before you apply for any more credit products I seriously recommend you research exactly how credit ratings work as lots of applications will have a detremental effect on your "rating" that you already have.

[RosieTosie]

Since the recent clampdown on the payday lenders over here in the UK, more company's are going for lending to people who can provide a guarantor, in your case the pawn shop route might be the easiest for you if you have anything they will give you money for, most of the other options are only people with a good credit history

[Bunneh]

If you dont have a credit rating, the only way to get one is to get one of the capital one (there are others) credit cards, they are for people with bad credit and no credit, it helps build your credit score.
They loan you up to £1000 and you have to pay back a minimum of £5 a month.

Or take out a mobile phone contract.

After 6 months of paying either of them back on time each month you should have a descent enough credit score.

[undercoverdon]

I hope I find a way quickly to pay eBay.

[undercoverdon]

Originally Posted by Bunneh

If you dont have a credit rating, the only way to get one is to get one of the capital one (there are others) credit cards, they are for people with bad credit and no credit, it helps build your credit score.
They loan you up to £1000 and you have to pay back a minimum of £5 a month.

Or take out a mobile phone contract.

After 6 months of paying either of them back on time each month you should have a descent enough credit score.

Even Capital One didn't accept me.

[blueuk]

Because your making too many applications and you look desperate to lenders.

Are you saying you need a loan to repay eBay fee's on an account that paypal has money for 180 days?

[undercoverdon]

Originally Posted by blueuk

Because your making too many applications and you look desperate to lenders.

Are you saying you need a loan to repay eBay fee's on an account that paypal has money for 180 days?

Yes but its the 2nd priority of what I need to pay for.

[undercoverdon]

Originally Posted by blueuk

Because your making too many applications and you look desperate to lenders.

Are you saying you need a loan to repay eBay fee's on an account that paypal has money for 180 days?

Barclays sent a letter with an offer for me to join Barclaycard. Glad I found that.

[jacomputers1]

try peachy loans (like wonga so be warned) but on a whole are quite reasonable. they borrowed me £400 for a month for only £20 interest which i think is fair

[GreenBean]

Originally Posted by undercoverdon

Yes but its the 2nd priority of what I need to pay for.

Be very careful of what you do given your age.


Do not be over committing yourself to loans, please.

[undercoverdon]

Originally Posted by GreenBean

Be very careful of what you do given your age.


Do not be over committing yourself to loans, please.

I do my calculations before loaning. I'm super aware of the risks and interest.

I'm not over committing, I made a 12 year plan of how it would work out and the plan was to make sure I'm not in a position where I lose. It's common sense really.

[rsot]

Originally Posted by undercoverdon

Does anyone know any money borrowing sites that offers a good APR(possibly under 10%) and doesn't require my credit rating?

A question like this is better placed to either financial professionals or even to your local bank advisor

[undercoverdon]

Originally Posted by rsot

A question like this is better placed to either financial professionals or even to your local bank advisor

True but there are a lot of self employed people here so I thought I'd ask.

[GreenBean]

Originally Posted by undercoverdon

I do my calculations before loaning. I'm super aware of the risks and interest.

I'm not over committing, I made a 12 year plan of how it would work out and the plan was to make sure I'm not in a position where I lose. It's common sense really.

Yet your plan did not discover you need a credit rating to obtain loans?

I get you are learning and that's great.

Dont forget many of us were your age once and know the pitfalls of life.

Good Luck with this.

[Salvo]

Make sure to check here if the application affects your credit.
Bank Account Checking & Savings: Soft Pull or Hard Pull?

Also, there are some secured cards that would work.. you give them a deposit ~$200 and they give you a credit line. Capital One makes one.

[GreenBean]

Originally Posted by Salvo

Make sure to check here if the application affects your credit.
Bank Account Checking & Savings: Soft Pull or Hard Pull?

Two points:

OP is in the United Kingdom, across the pond from the USA. Info you supplied is for the USA. There are differences between the countries.

He already stated he got knocked by Captial One.

[rsot]

Originally Posted by undercoverdon

True but there are a lot of self employed people here so I thought I'd ask.

That's all good - it is a great forum for business but all info should be verified with professionals as well