Everyday Loans - Quite impressed!

dolla_2

It's not all the time you hear much good press about loan companies on this forum but for those of you who are desperate I just wanted to share my story!

I have previously applied with my own bank for a loan and got declined and my options werent looking too good so I applied with Everyday Loans last night and I got a call back from my local branch (Luton) this afternoon. Really pleasant staff as they pride themselves on being very customer service orientated (unlike Yes when I answered the phone the guy finished his conversation with his collegue before he started his phonecall :mad:)

She asked me to come in and sort something out with them anyway so I went an hour later with passport, credit card statement and two months worth of bank statements and they spoke to their head office and within 20 minutes the whole process was sorted.

Unfortunately as I'm fairly new to credit (a Capitalone card, a couple of mobile contracts, two bank accounts) they couldn't offer me the full amount of £2k but offered me £1k at an interest rate of 67% over 13 months. Yes it's high but unfortunately borrowing from a family member wasn't an option and I needed it for a decent car asap. I figured if anything it will boost my credit rating having that on my file and I plan to overpay so it will be cleared quick and I won't pay too much interest.

I would definately recommend and if anyone wants to say I referred you then please PM. I will get £75 and you will get £50. Hahaha shameless! Every little counts eh!

Anyway any feedback or stories you have about this company just let me know. I still have 30 days to cancel haha! Joking!

dolla_2

How constructive of you.

Apples2

So you are quite pleased with swapping £1,000 of their money for £1,400 of your money??

You could have saved for 9 Months and paid this car outright, but are now going to continue paying for another 4 Months for nothing.

Sorry but you must have money to burn...

dolla_2

As I said it wasn't ideal but I need the car urgently. There are a lot of people on here that get into the same situation and to stop people heading straight to places like Yes and wasting their time I was trying to give another option.

Fiddlestick

dolla wrote: »

As I said it wasn't ideal but I need the car urgently. There are a lot of people on here that get into the same situation and to stop people heading straight to places like Yes and wasting their time I was trying to give another option.

Save up the money and buy a cheaper car to tide you over?

RICK..._2

Not the best choice of loan looking at the apr, but if you've exhausted every other option and you have no choice... I would personally save though.

and this board just does not change, calling people fools and idiots? whats all that about. :silenced:

woody01

Paying 67% over a year for just £1K is madness.

fozmcfc

I agree with what people are saying about it being expensive and saving could be a better option. BUT, it is good to know that there actually is a company out there, who will offer a loan to those with bad credit and not just charge a brokers fee for which you get nothing in return for your money, or worse still run off with your money completely, such as the scams with sending money transfers to India.

If you had a bad credit rating, but your circumstances had changed and you could afford the APR they are asking and it helped build your credit rating up. Plus if you can pay it off early and pay less back than the original APR, it is not a complete no no.

dolla_2

Thank you Fozmcfc

I am desperate and train fares outweigh the cost of the loan so am better off in the long run!

Thank you for everyones opinions though, some more useful than others.