ExNavy Serviceman Looking for Bad Credit Loan Provider Image

Ex-Navy Serviceman Looking for Bad Credit Loan Provider

Marcus is a 34 year old from Nuneaton who needed a loan to put towards a car. Marcus had recently left the Navy and despite never getting in debt he also had never owned a credit card. His bank account was a very basic one that he opened just before he signed up for the services at the age of 17.

Marcus had a good career in the Navy and felt it was the right time to leave and return to ‘civvy street’. Civvy street posed more issues than he had realised and it wasn’t quite as clear cut as he had thought it would be.

He didn’t have much in his savings account as he had spent his life being financially sheltered by the Navy. During shore leave he spent what he earned and always had the option to stay with his parents when away from the service. Marcus simply hadn’t thought ahead or prepared for this time of his life by developing a credit rating or understanding how the banks now worked.

Marcus had got as far as agreeing a new role in a local engineering firm and needed transport to get him to and from the premises. He was OK using public transport and walking the remainder of the journey for a short period of time, but due to the location of the new job he also knew that the amount of time it was taking using that option wasn’t sustainable.

He approached his bank in the first instance and after going in to see them in branch soon found out that they couldn’t offer him anything that would help him in the short term. He then turned to the internet to see what else was available to someone in his situation. He soon found a number of loan companies specialising in bad credit loans and started putting in applications to see what could done.

Marcus heard back from the companies he had applied to and was shocked at the amount of interest he would be paying back on the loan. He was on the verge of accepting one of the slightly better of the high interest offers he had received when he discovered the George Banco Facebook page. He had a brief flick through some of the posts and saw a previous customer example we highlighted about ex-military personnel that had been in a similar situation.

He swiftly applied to George Banco and found that he would be eligible, provided he could find a guarantor willing to support his application. He immediately spoke to his parents who knew Marcus would honour his commitments so had no problem in acting as guarantor for him.

Marcus took 24 hours to deliberate and go through the repayment schedule and soon decided to go with George Banco’s offer over the other bad credit loan providers. The repayment schedule was over a more manageable length of time and the interest was far lower than the other offers he had received.

Marcus was also happy with the fact that provided he kept to his repayment schedule as agreed, that his loan with George Banco would actually help to build him a credit history rather than negatively affecting his future.

We are happy to report that Marcus was able to purchase a reliable little run about vehicle, is doing well within his new role and is sticking firmly to the repayment schedule.

If you have had difficulties in the past securing a loan and are looking to use a bad credit loan provider then perhaps you should first try George Banco for a more manageable solution for your needs.

Please Note – Certain details have been changed for data protection purposes.