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Welcome finance - any reviews?

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roadrash
roadrash Posts: 90 Forumite
in Loans
Hey,
I went for a loan with Freedom Finance, but was rejected, but have been accepted with Welcome Finance.

Has anyone ever heard of this company?
If so, any thoughts/experiences, good or bad with them?

James ;D
«13

Comments

  • Jen_Jen_5
    Jen_Jen_5 Posts: 174 Forumite
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    terrible terrible terrible, check the paperwork and look at the amount they are charging you in interest.

    *$%£*** ards
  • roadrash
    roadrash Posts: 90 Forumite
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    Hi Jen_Jen,

    I have not got the paper work yet, but yes, I thought this would be the case!

    I have been reading some threads about https://www.payplan.com, and plan to call them tonight when I get home.

    Thank you :)
  • Jen_Jen_5
    Jen_Jen_5 Posts: 174 Forumite
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    If you post here you will get good advice about how to manage your debts (without a consolidation loan) which is what payplan do.

    These guys on MSE are really great and so you should also put on here what you need sorting and you are bound to recieve frank and useful advice, Just look at some of the other posts.

    You may as well get advice from as many sources as possible and remember this is all at no cost.
  • yeovilmac
    yeovilmac Posts: 397 Forumite
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    Hi Roadrash, ;D

    I took out a loan with them last year for £3,000 at £197 a month over 24 months, which equates to about £4,800 repaid. I thought that was only mildly over the top considering I was a sub prime client but when I read the very small print, I saw it was for three years, hence I am now paying back more than seven grand. :-[

    My own fault, and no one else to blame, but steer well clear is my advice. :o
  • simonfr
    simonfr Posts: 88 Forumite
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    Years ago, just finished Uni, and i needed a car.... no credit score to speak off. Bought a car via Welcome Finance :-[

    Interest rate sky high, railroaded me into taking the insurances (said no insurances, no car :o) so i did it. Borrowed £3000 over 3 years, after 2 years, still owed £2000.

    Cut my losses and bought myself out when i was more credit worthy.

    Simon
    Is the glass half full, or half empty??
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    First Post First Anniversary Combo Breaker
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    Hi Roadrash, ;D

    I took out a loan with them last year for £3,000 at £197 a month over 24 months, which equates to about £4,800 repaid. I thought that was only mildly over the top considering I was a sub prime client but when I read the very small print, I saw it was for three years, hence I am now paying back more than seven grand. :-[

    My own fault, and no one else to blame, but steer well clear is my advice. :o
    There's a huge difference between a loan over 2 years and a loan over 3. I can't honestly believe this was "hidden in the small print", however c**p a lender they are.
  • yeovilmac
    yeovilmac Posts: 397 Forumite
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    Hi MarkyMark

    Probably phrased it wrong but when the girl was form filling, she said that it would be £197 a month and I assumed (wrongly) that this meant over two years which is how I wanted the loan...

    I'm not blaming Welcome as it was my fault, but they are sub prime lenders and people should think very carefully about whether they need the loan that much to pay £4,200 more back in just three years.
  • Tr@cker
    Tr@cker Posts: 532 Forumite
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    ' sub prime lenders '

    presumably charge much higher interest rates because they deem they are taking a greater risk.
    But it's a puzzling logic to me. Surely those who are judged less likely to repay would be even more likely to default simply because they are being asked to pay loads more back!
    Institutions want to lend money primarily to those who dont need it!
  • a.rickards
    a.rickards Posts: 19 Forumite
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    KEEP WELL CLEAR OF THIS FIRM..... THEY WILL RIP YOU OFF !!!!!!!!!!!!

    i have had a loan with them for 2yrs, great idea at the time, little checks and helped solved a problem at the time. but like simonfr had no other options.

    i am STILL paying off with no end in site.. biggest regret i can think of

    aiden
  • roadrash
    roadrash Posts: 90 Forumite
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    A BIG thank you to everyone who has posted on here.

    Obviously I will check the paper work when it arrives, but think I am better off remortgageing with someone like Northern Rock than getting a secured loan on my property.

    This site is great! Keep up the good work guys!

    ;D
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