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  1. #1

    Loans on circumstances

    I'm new here. Just wanted to ask a question on behalf of my brother. Basically, he is self employed, earns about 600-700 a week. But his credit score is "very poor" about 511 I think.
    He's wanting to get a 5k personal unsecured loan to purchase a new car that will help with his job. The only thing is, his banks wouldn't even bother speaking to him about his income, just said he wasn't eligible and he was also refused a loan from Tesco. Is there any financial products (loans) that don't just look at the credit history? Is there any lenders that will actually sit down with him and work it out? Or is there another way I don't know about? Guarantor loans are out of the question too.

    Any help or advice regarding getting a loan in his circumstances are very welcome!

  2. #2
    Firstly ignore any credit scores as they are meaningless.

    From what you have written, your brother has a poor credit history (for whatever reasons) which in turn means he now has to do things the old fashioned way of save up for them if he can't get any credit.

    Can he not buy a cheaper car?

    If he's on 6-700 per week, why hasn't he got any savings?

    There are no lenders that will lend without a credit check/looking at credit history.

  3. #3
    Has your brother checked there record to ensure its correct as with a income like that there own bank should be more than happy to facilitate

  4. #4
    If they heard he is self employed and didn't discuss income then maybe he failed this rule on being self employed for 2+ years:
    "You're in full time employment with no probationary period or you've been self employed for over two years or have a regular income e.g. pension"

    If true, that doesn't mean he can't get a loan elsewhere, just he needs to read the terms carefully before applying.

  5. #5
    Why is your brother's credit score 'VERY POOR?'. This has nothing whatsoever to do with either employment status or income as the CRA's don't hold this information/
    The cause of the refusal of the loan was whatever is causing the very low credit score. I know credit scores are worthless as such but are nevertheless indicative and 'very low' strongly implies something not very good there.

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