Desperate for a unsecured loan to pay off debts

runiu

Hi,

I've recently taken out few payday loans (emergency situation) for a total of £1760

Now I need to repay £2200

Is there any loan I can take to get this out of way? I've applied to my bank but has been declined...

Thanks

Tixy

Whether you can get a loan would depend on your past credit history, your income, your ability to repay etc. But to be honest if your own bank won't lend to you its fairly unlikely you will find another prime lender who will.

Some of the larger credit unions will specifically lend money to help people get out of the payday loan cycle (even if you haven't been saving with them in advance) but unlikely to help at this level as initial loans are often capped around the £500 mark.

How much can you afford to repay each month? can you afford to repay some and roll over the others? if not and you cannot get another loan then you may be better off contacting one of the debt charities and writing to the payday loan companies to try to offer to repay in monthly installments. Though when its payday loans you often need to cancel your bank card and switch your bank account for this to be effective, otherwise they usually just take the money anyway.

opinions4u

Go and see a credit charity or CAB.

And stop spending money you don't have.

Peelerfart

There is no magic wand and no easy way,borrowing money to repay loans is not a good thing to do.

Get yourself over to the DFW board and follow their excellent advice.

Apples2

runiu wrote: »

Hi,

I've recently taken out few payday loans (emergency situation) for a total of £1760

Now I need to repay £2200

Is there any loan I can take to get this out of way? I've applied to my bank but has been declined...

Nothing is going to "get it out the way" apart from a Lottery win.
All you would achieve is to move the debt elsewhere, then be encumbered with that repayment.

If you are using Payday loans, it is a fair assumption nobody is going to lend you anything so you need to look at another strategy.

DFW board, eat cheap tat, stay in, slog your way out of it.

Your debt isn't massive so this is achievable if you set your mind to it.