Need a loan............but have bad credit!

HelplessUK

Hi all,
I need your help. I have very stupidly gotten myself into a mess by taking out three payday loans during the last six months. I have one loan with Quickquid that I am rolling over every month, just paying the interest, and a further two loans with Wonga and Pounds till Payday. Unfortunately, the day that these two loans are paid off I have to apply for them all over again because, combined with credit card, catalogue, phone bill, car insurance etc, it leaves me with a nasty minus figure in my bank!!! I am left paying almost 500 pounds per month in interest to these three companies alone.
I have bad credit but am looking to take out a loan for 2k to pay off said debts, which will hopefully get me back on track. I am a 28 yr old tenant, in secure, full time employment (RAF) and earn 24k per year, but none of the big banks will touch me. Any suggestions will be very welcome!!!
Thanks

:eek:

stephane_2

Have you checked you credit file recently with experian/equifax to see what informations they hold on you? if it is that bad, then it is unlikely that any banks will give you a loan. There are sharks out there that will give you the money but at interest its not worth thinking about, it is a vicious circle. Do you have any family/friends you could borrow money from just to get rid of those loan?

theartfullodger

Wonga??? Those crooks with the APR of 2,689%??? I'd try and get the most expensive (highest APR) loan paid off first.

How they are allowed to get away with it amazes me!!

Cheers!

Lodger

clarence83_2

You could get up to 3k with FLM, (go directly through their site). You will need a parent or homeowner friend who is prepared to act as a homeowner.

The interest will be high but not as high as you are currently paying, plus you can make overpayments to reduce the amount of interest with no early settlement charges (interest is calcuated like a credit card I believe).

I have used them and would recommend it to anyone. I paid back 3k in 6 months (term was 36 months originally!) so although my APR was in the 50% region, I ended up paying significantly less.

onedaydebtfree_2

If you have bad credit i would not take another loan out.You should go to debt agency a free one do not pay for this service. use Payplan or National debt line and use the Debt help section on this site its very good.
You have a well paid job so i would chaeck out the debt section on this site and do not take out another loan.

VanillaDelia

Why not go over to the debt forum, it may be worth getting some advice there and maybe looking into getting out of debt rather than further in it. You can do DMP's with CCCS and Payplan where they take over your debts and maek payments for you with your left over cash per month.

We have had payday loans and you wont ever get out of them once your in them so deep.

Dabooka

I think you need to have a look at where you can save, and have a skint month mate; unless you have other debt you should be just about to hold off a month if you don't spend (ie actually enjoy yourself!) anything, unless your loans with these guys are huge....

Sam_Lock

Dabooka speaks sense.. try and have a couple of months of spending next to nothing. I have had to do this, it ain't easy but you save a lot.. crappy months tho.

lucy10_2

if you are facing bad credit then you apply for the bad credit same day loans. You will get the loan on same day without checking your credit history even in the bad credit history.

CHR15

In the RAF you could live in barracks!!

Move out of private accom and move in the base (if you're single), Dump the car, cancel the insurance, get the Tax back, stop going out, buy nothing, eat in the mess.

This is all simple, and easy, in fact, it's a no brainer.

Unless you are not serious about getting out of debt and consider your social life more important. You need to change your attitude to debt, you DON'T need a loan, just a good headshake and wake up call to bring you into the real World.

toontoon9

I am pretty much in the same position and its quite depressing.

I was wondering if i was to go to one of the companies and ask them to take the other pay day loans off my hands for a reduced apr do you think this will be possible.