Last resort loan? Refused everywhere else.

odwyer1980

Hello,

Can any of you advise for a last resort loan to someone who is in debt of around 3k on various credit cards. I am over drawn on some of them.

I have an ebay store which sells various products, and can be a big seller. I just need to establish it. My business has just started, but could be a top selling eBay business in 5-6 months.

I am only 'just' over the limit on all of my cards and just need £500-1k to ease them for the time being.

Basically, I am at the stage where I need around £500-1k to pay off debts, get them off my back for the time being. I will agree a loan with anyone, even if I have to pay them back a ridiculous amount per month.

Can anyone advise with a last resort or a method to obtain cash?

Thanks in advance.

dehaani

How about Wonga?

Typical 2689% APR

odwyer1980

Are these guys usually ok about lending to people with bad ratings?

I will apply to them. I can pay back what they say easily in 1 month, but will they believe me?

Here goes.

odwyer1980

They want me to enter my mobile. I do not have one. Why do they presume everyone has a mobile. It won't let me move from the page until I have put one in.

Any ideas?

odwyer1980

Can we ask how you intend to use your loan if your application is approved?

What would be the best reply? Would answering it honestly, "to pay another bill" have any impact on their decision?

Thanks.

odwyer1980

Any other options?

StrawberryYogurt

Is there anyone you can borrow the money off? Anything to take to a "pawn" shop or one of those cash converter places? Have you seen the interest rates of that Wonga site? It all starts with needing just a little loan to consolidate and then it all starts to spiral. Will you cut up your cards or even cancel them once paid with this VERY high interest rate loan? Or will you need to use them here and there? With the repayments that will be needed from using them "here and there" AND this high interest loan repayments if you get it...will I fear, just lead to heartbreak. Because you will have the repayments you have now PLUS the loan. Then what? Need another loan?

Can you contact your credit card companies? Work something out with them? It will work out cheaper for you. You say you need to "ease them for the time being" Which worries me as it imply s that you may use them again, so you WILL have them to pay plus any rip off loan you manage to get.

I know all this is easier said then done when you have red letters arriving and stress keeping you awake. But I would really see if there is any other way you can go before taking on more debt. Is there anything you can sell on eBay now on a personal account? Anything worth a decent Buy It Now Price?

Sorry I ramble! I wish you lots of luck, maybe pop over to the Debt Free Wannabe board, you will find a LOT of tips on how to cut back, get started on getting things paid..e.t.c...

Good luck whatever you decide to do, I hope you do not take this as a lecture, its just I have been in this situation and now in more debt then ever! But dealing with it! FINALLY!

_Andy_

odwyer1980 wrote: »

My business has just started, but could be a top selling eBay business in 5-6 months.

I could win the EuroMillions this week.

nikki2804

If you take out a payday loan and manage to go over the limit on this then in 6 months time you will be posting saying 'my debt has spiralled out of control'

It may be better to cut back in other areas to get yourself back on track rather than take out more debt.

Post an SOA and someone will we able to help you!

odwyer1980

Double post, read below....

odwyer1980

odwyer1980 wrote: »

StrawberryYogurt wrote: »

Is there anyone you can borrow the money off? Anything to take to a "pawn" shop or one of those cash converter places? Have you seen the interest rates of that Wonga site? It all starts with needing just a little loan to consolidate and then it all starts to spiral. Will you cut up your cards or even cancel them once paid with this VERY high interest rate loan? Or will you need to use them here and there? With the repayments that will be needed from using them "here and there" AND this high interest loan repayments if you get it...will I fear, just lead to heartbreak. Because you will have the repayments you have now PLUS the loan. Then what? Need another loan?

Can you contact your credit card companies? Work something out with them? It will work out cheaper for you. You say you need to "ease them for the time being" Which worries me as it imply s that you may use them again, so you WILL have them to pay plus any rip off loan you manage to get.

I know all this is easier said then done when you have red letters arriving and stress keeping you awake. But I would really see if there is any other way you can go before taking on more debt. Is there anything you can sell on eBay now on a personal account? Anything worth a decent Buy It Now Price?

Sorry I ramble! I wish you lots of luck, maybe pop over to the Debt Free Wannabe board, you will find a LOT of tips on how to cut back, get started on getting things paid..e.t.c...

Good luck whatever you decide to do, I hope you do not take this as a lecture, its just I have been in this situation and now in more debt then ever! But dealing with it! FINALLY! .

Thanks for the ideas. Sadly, there is no cash converters around here and I have no one to borrow off. I know it sounds crazy, but I am in desperate need of a quick fix. I know that wonger site will charge a lot, but in one month I am confident I can pay them back. I would even accept paying them an extra £800 back in one month if they could just lend me £400 today. Because my credit cards are all over the limit and I need to meet a repayment on one of them by today of £120.

As I say, I have a business on eBay, that just needs to become established. It is a potential top seller business, but at this time is selling 1 product every other day, and whilst this happening, paypal are holding the payments on eBay until I get over 100 feedback.

I worked something out with my credit card companies, but sadly on one of the accounts, today is my deadline and I will not be able to meet the payment.

On Natwest, my overdraft is £1,000 and I am over the limit by £300. Today I need to pay them £120 or they will probably cancel the agreement and ask me to pay the whole lot within 16 days. I am not sure how Natwest work on that matter. Not good either way. Should I call them?

That's why I need a quick fix or a loan from some company. That wonga sounded a good idea, but I have no mobile and it required a mobile in order for them to consider a loan