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  • FIRST POST
    • sazaboo
    • By sazaboo 15th Mar 17, 6:49 PM
    • 136Posts
    • 58Thanks
    sazaboo
    Tide u over want first instalment before releasing
    • #1
    • 15th Mar 17, 6:49 PM
    Tide u over want first instalment before releasing 15th Mar 17 at 6:49 PM
    They have asked for the first payment upfront?? The loan will be issued 30mins after receipt..... is this legit? Anyone else had a longer term loan from this place?

    It's a 5k loan over 60 months and not a payday loan. I will be paying less a month than I'm paying now on the debt I want to clear with this loan.

    I won't get a loan from most places due to poor credit score but this will free up some disposable income and pay off some debt.

    Cheers
    gettin there, one day at a time...looking forward to AD 02/08/12
Page 1
    • zx81
    • By zx81 15th Mar 17, 6:56 PM
    • 11,972 Posts
    • 12,113 Thanks
    zx81
    • #2
    • 15th Mar 17, 6:56 PM
    • #2
    • 15th Mar 17, 6:56 PM
    No - it's never legit.


    Lenders give you money - not the other way round. At best, they're a broker, at worst, you can kiss goodbye to your cash.


    Go to the DFW boards for advice on clearing your loan more quickly.
    • Bogalot
    • By Bogalot 15th Mar 17, 6:57 PM
    • 1,001 Posts
    • 2,571 Thanks
    Bogalot
    • #3
    • 15th Mar 17, 6:57 PM
    • #3
    • 15th Mar 17, 6:57 PM
    Tide U Over are a payday loan lender. What APR are they offering you?

    Debt consolidation is rarely the answer. Please speak to one of the debt management charities before committing to further debt, especially given your history.
    • sourcrates
    • By sourcrates 15th Mar 17, 7:52 PM
    • 10,865 Posts
    • 10,549 Thanks
    sourcrates
    • #4
    • 15th Mar 17, 7:52 PM
    • #4
    • 15th Mar 17, 7:52 PM
    Should of read the Q&A's :

    Q: Are you a direct lender or a broker?

    Ans: We are a broker. Tide U Over is an established company who is able to introduce you to payday loan providers. There are a number of Payday Loans Direct Lenders such as Wonga and Quickquid, but Tide U Over's service allows your details and current situation to be matched with a wider selection of direct lenders so you may have a better chance of finding a loan to suit your needs. We do not charge any fees and the lenders you will be matched with all have the appropriate authorisation/permission with the FCA.

    The "upfront payment" seems suspicious when they say they "don't charge a fee".
    Last edited by sourcrates; 15-03-2017 at 7:55 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
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    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

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    • DCFC79
    • By DCFC79 15th Mar 17, 8:23 PM
    • 29,338 Posts
    • 18,549 Thanks
    DCFC79
    • #5
    • 15th Mar 17, 8:23 PM
    • #5
    • 15th Mar 17, 8:23 PM
    They have asked for the first payment upfront?? The loan will be issued 30mins after receipt..... is this legit? Anyone else had a longer term loan from this place?

    It's a 5k loan over 60 months and not a payday loan. I will be paying less a month than I'm paying now on the debt I want to clear with this loan.

    I won't get a loan from most places due to poor credit score but this will free up some disposable income and pay off some debt.

    Cheers
    Originally posted by sazaboo
    So 5k over 5 years, paying that amount over 5 years is ......... ( add whichever word you like ), whats the apr then ?

    Its not due to your poor credit score, your credit history/poor financial management.

    Stay clear of them.

    Dont use money so someone can find you a loan, isnt a wise decision.

    The first payment fee should be giving you a warning sign.

    You need to reduce your outgoings or increase your income, I'd go over to dfw board as been suggested.
    Last edited by DCFC79; 16-03-2017 at 10:41 AM.
    Je Suis Charlie
    • StopIt
    • By StopIt 16th Mar 17, 8:13 AM
    • 474 Posts
    • 405 Thanks
    StopIt
    • #6
    • 16th Mar 17, 8:13 AM
    • #6
    • 16th Mar 17, 8:13 AM
    As others have stated, run a mile.


    You'll pay this "fee", and likely not get a loan anyway. Or worse be tied into something like 50%+ APR. I think the latter is worse. Get to the DFW boards ASAP.
    • iolanthe07
    • By iolanthe07 16th Mar 17, 11:13 AM
    • 4,800 Posts
    • 4,552 Thanks
    iolanthe07
    • #7
    • 16th Mar 17, 11:13 AM
    • #7
    • 16th Mar 17, 11:13 AM
    With one or two rare exceptions, legitimate brokers do not charge an upfront fee. They get their commission from the lender, not you. I would run a mile from this. And it is a (disguised) payday loan.
    I used to think that good grammar is important, but now I know that good wine is importanter.
    • callistris
    • By callistris 16th Mar 17, 12:08 PM
    • 643 Posts
    • 303 Thanks
    callistris
    • #8
    • 16th Mar 17, 12:08 PM
    • #8
    • 16th Mar 17, 12:08 PM
    On the Tide U Over website, the largest loan they provide is 2500 over 18 months.
    It quite clearly states they are a Payday Loan Broker.

    Maybe I'm on the wrong site to the one the OP is using, but what they say in their OP doesn't match what I'm reading on the website.
    • Bedsit Bob
    • By Bedsit Bob 16th Mar 17, 1:29 PM
    • 9,553 Posts
    • 50,154 Thanks
    Bedsit Bob
    • #9
    • 16th Mar 17, 1:29 PM
    • #9
    • 16th Mar 17, 1:29 PM
    If you continued to pay the current loan, how long would it take to clear it?
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - 1161
    • zippygeorgeandben
    • By zippygeorgeandben 16th Mar 17, 3:39 PM
    • 519 Posts
    • 613 Thanks
    zippygeorgeandben
    I know it's barely been 24 hours since the original post but is it just me who is praying that the OP reads these comments before accepting the loan deal?
    End Sep 2016 End May 2017
    8236.57 6455.69
    (Tesco 4.8%) 222.61pcm
    6185.75 1441.14 (Zopa 4.0%) 72.25pcm

    5344.50
    3243.00 (Sainsburys 0% until 06/19) 74.00pcm
    2000.00 1733.34 (Sister 0%) 133.33pcm

    Total debt
    19.766.82 14,469.03 Original DFD May 2019.
    • StopIt
    • By StopIt 16th Mar 17, 3:50 PM
    • 474 Posts
    • 405 Thanks
    StopIt
    I know it's barely been 24 hours since the original post but is it just me who is praying that the OP reads these comments before accepting the loan deal?
    Originally posted by zippygeorgeandben

    I'm worried that they're either not going to come back after paying this fee, or worse, paying the fee, getting either an extortionate APR or outright being rejected and coming back asking for help.


    I really hope they get on the DFW board and read up on free ways to get help, rather than continuing the debt spiral they're in.
    • loey93
    • By loey93 16th Mar 17, 4:01 PM
    • 36 Posts
    • 21 Thanks
    loey93
    This sounds like a scam to me .. please be careful and read up on the company that you are lending the money from. Reputable companies will not make you pay a payment upfront before the money is released..
    Aiming to pay debts & save!
    • zx81
    • By zx81 16th Mar 17, 4:04 PM
    • 11,972 Posts
    • 12,113 Thanks
    zx81
    read up on the company that you are lending the money from.
    Originally posted by loey93
    If he was the one lending the money, we wouldn't be so concerned...
    • DCFC79
    • By DCFC79 16th Mar 17, 4:07 PM
    • 29,338 Posts
    • 18,549 Thanks
    DCFC79
    Previous threads by the OP give a picture of bankruptcy that is in the past but the OP is now in trouble again.
    Je Suis Charlie
    • Ilona
    • By Ilona 16th Mar 17, 4:08 PM
    • 1,775 Posts
    • 6,264 Thanks
    Ilona
    I know it's barely been 24 hours since the original post but is it just me who is praying that the OP reads these comments before accepting the loan deal?
    Originally posted by zippygeorgeandben
    The OP has been struggling with debt for a long time, a bit of background from another post three days ago.
    http://forums.moneysavingexpert.com/showthread.php?p=72255961#post72255961

    I really hope they do come back, it's very worrying when someone is on the verge of making things worse by a wrong decision. I think we all want to help.

    Ilona
    I love skip diving
    • zippygeorgeandben
    • By zippygeorgeandben 16th Mar 17, 4:19 PM
    • 519 Posts
    • 613 Thanks
    zippygeorgeandben
    and these boards are for help and support, NOT judgement!
    End Sep 2016 End May 2017
    8236.57 6455.69
    (Tesco 4.8%) 222.61pcm
    6185.75 1441.14 (Zopa 4.0%) 72.25pcm

    5344.50
    3243.00 (Sainsburys 0% until 06/19) 74.00pcm
    2000.00 1733.34 (Sister 0%) 133.33pcm

    Total debt
    19.766.82 14,469.03 Original DFD May 2019.
    • sazaboo
    • By sazaboo 16th Mar 17, 4:40 PM
    • 136 Posts
    • 58 Thanks
    sazaboo
    I didn't go back to them, I took advice and have not proceeded with this, as you can see I have other bigger worries and thought this was an option to take charge of the situation, I'm trying to lower my monthly payments to an amount I can afford, but I realise now I cannot achieve this by any consolidation.

    thanks for the advice - I will continue this on the dfw page :-)
    gettin there, one day at a time...looking forward to AD 02/08/12
    • StopIt
    • By StopIt 17th Mar 17, 8:20 AM
    • 474 Posts
    • 405 Thanks
    StopIt
    I didn't go back to them, I took advice and have not proceeded with this, as you can see I have other bigger worries and thought this was an option to take charge of the situation, I'm trying to lower my monthly payments to an amount I can afford, but I realise now I cannot achieve this by any consolidation.

    thanks for the advice - I will continue this on the dfw page :-)
    Originally posted by sazaboo

    That's a big step, and I hope you can get yourself sorted. ity's only money after all and there's always a way.


    I will dispute one thing you said though. Taking a consolidation loan is not taking charge of your money. It's a lender taking control of your money. You need to take proper charge by contacting a debt charity like Stepchange and making changes to your spending and your management of money so you can get though this difficult period and have a better relationship with money for years to come.


    Again, good luck and hopefully see you on the DFW boards!
    • Helvetica Van Buren
    • By Helvetica Van Buren 17th Mar 17, 9:46 AM
    • 241 Posts
    • 338 Thanks
    Helvetica Van Buren
    Just looked at the website and this is on the footer:

    "Tide You Over is a credit broker, not a lender. We provide a free credit brokering service by introducing consumers to a lender based the consumer’s needs and circumstances. Depending on a lenders acceptance, approval may take up to 30 minutes and in most cases funds will be deposited the same day."

    Did you not see this? Steer well clear.
    • AndyPix
    • By AndyPix 22nd Mar 17, 4:07 PM
    • 2,376 Posts
    • 1,539 Thanks
    AndyPix
    Let me guess ... First installment via Western Union ??
    Running with scissors since 1978
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