Everyday Loans - 88% APR !!!!!

paulfoel

Applied for a loan through a website called gateway to loan or something... Bad idea.

Had an SMS text from someone called everydayloans telling me my loan had been approved. They also left an asnwering machine message for me.

Anyway, curious I phoned them back. Took me a while to get the info out of them but 88% APR !!!!!

Are you kidding me? Do people really pay for this? I'm stunned...

Needless to say I politely declined. I'd rather walk the 5 miles to work !!!!

ViolaLass

How much were you trying to borrow? And for how long?

Tixy

paulfoel wrote: »

Do people really pay for this? I'm stunned...

People will do all sorts of crazy things when they are desperate.

Paul - are any of your cards empty and the sort that allow super balance transfers? If so you could call up to see if they would offer you a promotional rate, which would be a much cheaper way to buy your car. How quickly could you afford to repay the £2k?

Assuming you have no plans to spend the unused available £55k on your credit cards. Have you considered dropping your credit limits or closing your cards to bring your limits down to say £20k, which in a couple of months would give you a much better chance of getting a £2k loan.

paulfoel

ViolaLass wrote: »

How much were you trying to borrow? And for how long?

£3000 over 3 yrs !!!

Well, in wifes name....

Alias_Omega

paulfoel wrote: »

Applied for a loan through a website called gateway to loan or something... Bad idea.

Had an SMS text from someone called everydayloans telling me my loan had been approved. They also left an asnwering machine message for me.

Anyway, curious I phoned them back. Took me a while to get the info out of them but 88% APR !!!!!

Are you kidding me? Do people really pay for this? I'm stunned...

Needless to say I politely declined. I'd rather walk the 5 miles to work !!!!

£200-250 will buy you a decent 2nd hand road bike from eBay, then £50 to get it serviced& helmet etc.

For £300, you could quite happily cycle to work, and 5 miles isnt that far as i use to run 10miles 3 times a week.

paulfoel

Tixy wrote: »

People will do all sorts of crazy things when they are desperate.

Paul - are any of your cards empty and the sort that allow super balance transfers? If so you could call up to see if they would offer you a promotional rate, which would be a much cheaper way to buy your car. How quickly could you afford to repay the £2k?

Assuming you have no plans to spend the unused available £55k on your credit cards. Have you considered dropping your credit limits or closing your cards to bring your limits down to say £20k, which in a couple of months would give you a much better chance of getting a £2k loan.

Yeh. I've got quite a few empty cards.

Dont think theres any promotional rates at the mo though so it'd be cash advance rate of 21-22% or something.

Your right I do need to go through and close a few cards and/or lower the limit on some of them. Thing is though its reassuring to know that the limits there if ever I need if you know what I mean. LOL.