Loan for bad credit needed - only option???

Han49

Hello,

Ive got myself into a bit of a situation recently and need to borrow £3500 as soon as possible.
The reasons I require a loan is to firstly pay back what I owe to an ex , where things did not end well and I'm being badgered daily to payback what I owe. Secondly, I have also got myself into a vicious cycle taking out payday loans. I originally borrowed a small amount to pay back to the ex to keep him happy for a while but as I do not have much in the way of spare cash at the end of the month (once bills are paid) after I had repaid what I originally borrowed at the end of the month that I borrowed it I then had to borrow again and I am now in a situation where I borrow approx £800, payback £900+, and need to borrow £800+ again.
The ex situation and the payday loan is stressing me out and the best solution i can think of is to borrow a lump sum to pay off the ex and pay off the payday loan in one go so I do not need to borrow again.
I expect all of the above would be easy enough if I had a good credit rating but unfortunately I dont which only leaves the option of getting a loan with a ridiculously high APR%. I am more than aware of this and am willing to pay the high APR% just for my own peace of mind. To know that I owe nothing more to my ex and to not constantly be thinking of ways of getting out of the vicous payday loan cycle would be great. I can afford to pay a decent amount as a monthly payment for the loan, anything up to £250 pcm.
The question is, can anyone recommend the best people to go to/through for a loan for people with bad credit? Preferably one where I do not need to pay an arrangement fee especially one that is ridiculously high. Or if anyone has any other suggestions of how to find/obtain a cash lump sum to pay off the immediate debts that I need to, any help would be much appreciated.

found_a_bargin

HI Han,

cant offer much help but i have a pay day loan and with mine you dont have to pay the full amount off each month, ie you can pay the interest only and some off the loan so you can get back on your feet, its worth calling them and asking.

Hope that helps.

RAS

Hi

You have no chance of taking out a loan and you OH cannot have money back that you do not have.

Han49 wrote: »

Hello,

Ive got myself into a bit of a situation recently and need to borrow £3500 as soon as possible.

Stop - you do not need to do this.

The reasons I require a loan is to firstly pay back what I owe to an ex , where things did not end well and I'm being badgered daily to payback what I owe.

This is almost certainly haressment in legal terms and you might have to consider a restraining order or a solicitors letter to sort him out.

Secondly, I have also got myself into a vicious cycle taking out payday loans. I originally borrowed a small amount to pay back to the ex to keep him happy for a while

So you need to make it plain that because of the grief he has given you your situation is now worse and until that is osrted out, he has no chance of getting more money.

but as I do not have much in the way of spare cash at the end of the month (once bills are paid) after I had repaid what I originally borrowed at the end of the month that I borrowed it I then had to borrow again and I am now in a situation where I borrow approx £800, payback £900+, and need to borrow £800+ again.

So you need to sort this out first.

What do you have that you can sell, put on amazon, e-bay etc?

The ex situation and the payday loan is stressing me out and the best solution i can think of is to borrow a lump sum to pay off the ex and pay off the payday loan in one go so I do not need to borrow again.

Not a good idea. Ids there any legal agreement with your ex about the fact that this money is a loan to you? How did it arise?

I expect all of the above would be easy enough if I had a good credit rating but unfortunately I dont which only leaves the option of getting a loan with a ridiculously high APR%. I am more than aware of this and am willing to pay the high APR% just for my own peace of mind.

You need to stand up to the ex.

To know that I owe nothing more to my ex and to not constantly be thinking of ways of getting out of the vicous payday loan cycle would be great. I can afford to pay a decent amount as a monthly payment for the loan, anything up to £250 pcm.
The question is, can anyone recommend the best people to go to/through for a loan for people with bad credit? Preferably one where I do not need to pay an arrangement fee especially one that is ridiculously high. Or if anyone has any other suggestions of how to find/obtain a cash lump sum to pay off the immediate debts that I need to, any help would be much appreciated.

No-one here will recommend that you take this loan.

Firstly, whilst you may have a moral obligation to repay your ex, the legal situation may not be a clear cut.

Secondly, until you sort out the payday situation, you cannot pay any more to OH.

You might be able to talk to a credit union and ask them if they would give you a loan to pay off the payday loan, or part of it.

RAS

Hi

You might want to read this thread, as the OP was in a sim,iliar situation to yours

http://forums.moneysavingexpert.com/showthread.html?t=1473477

Do you have legal advice on your insurance, any cards or at work?