Small Loan

buzzby

Hi

I need a small loan of about £600 which can be paid back over 6 months to a year.

Has anyone got any reccomendations on where I could get a loan like this.

I was thinking a credit card but need it as cash as I'm buying a scooter for work.

Buzz

fozmcfc

If you have a good enough rating, you could get a super balance transfer credit card (SBT for short on these boards).

Basically it allows you to transfer money into your bank account for a 4% fee. You could then pay for the scooter by cash.

Have a look through the cards on this link. http://www.stoozing.com/0fees.php and look for those that mention SBT.

OR Possibly try a family member?

If you can't get a card or use a family member and or have bad credit, then the only other alternative I can think of, would be a doorstep lender such as Provident. You pay weekly generally for 6 months to 18 months, but the interest is high.

Before choosing a doorstep lender I would shop around and only consider it as a last resort though.

CLAPTON

without knowing any facts about your income and financial situation it's a little difficult

what's your income?

do you have a bank a/c?
do you have a credit card?
is your credit record OK

but
600 is rather small to get a formal loan

firstly try parents

secondly consider an overdraft

thirdly a super balance transfer if you have a suitable CC

fourthly cash from a CC; while expensive (often 25% or more plus a 3% fee) if its only for a short time it won't cost all that much

buzzby

Hi

Thanks fo the replies.

I already have an overdraft, which I cant extend. My credit rating is pretty good according to Credit Expert.
Cant try family as they dont have that money.

Not going to get a Provident loan, far too expensive!!

Already have a credit card with my bank (Santander), and have tried a balance transfer too Virgin but got refused. Not sure what Stoozing is all about either. Any help would be appreciated.

Also came across this site. Has anyone heard about them?

http://www.usal.org.uk/index.asp

Cheers

Buzz

Tixy

They are a credit union, A credit union might be an option for you if you can find a registered one where you would be eligible to apply (credit unions are usually based on where you live or what you do for a living) - see here for info about credit unions and a full searchable list http://www.abcul.coop/. Some credit unions require you to start saving with them first before they will allow you a loan, and most expect you to contribute regular savings to them.

Do you know on what basis virgin refused you? how much do you earn? how much are your current debts? If you are deemed to owe too much compared to your salary then you are likely to be refused by all the high street lenders.

The fact that you have a maxed overdraft and a credit card with a balance may well be an indication to lenders you cannot afford another loan. Could you not save for 6months instead?

fatbelly

Credit Unions are OK but for what you want, a SBT would be cheaper.

http://www.stoozing.com/sbt.php

You might even get some cashback through Quidco.

theoretica

How soon do you need the money? How long would it take to do £600 of normal expenses on your credit card to free up cash for the scooter? Maybe family and friends would give you cash in return for you paying their grocery shopping on your credit card or something. You wouldn't be borrowing cash from them, just getting help to transfer money from your card to your bank.