short term loan required

ali-t

I have miscalculated the amount of cash I have this month and now only have £40 of my overdraft left until the end of the month which is a bit of a nightmare.

I am looking for a very short term loan (15 days max) of around £300 to tide me over until payday. I don't want to have any missed payments on anything until then and know I have a £150 credit card payment to pay next week. I am planning to put my house on the market in the very near future and have seen a friend recently unable to get a mortgage due to a dispute with her phone company so definitely do not want to be in that position.

I know I SHOULD have savings to cover this, SHOULD have budgeted better, SHOULD have seen this coming etc but didn't. Extending my overdraft is not an option either.

Any ideas? The payday loans I have looked at want £500 returned for £400 borrowed which is crazy.

YorkshireBoy

How about applying for a new bank account and ticking the "I would like an overdraft facility" box? Hopefully it'd be up and running soon enough to get your £300 out and payments made.

But...what about next month?

Other than that, it's friends/family, the pawn-broker, or Provident...in that order!

ali-t

I don't really want to set up another bank account, don't have any jewellery or electrical items to pawn so looks like it is family or a provy loan.

CH27

Could you increase your overdraft limit?
Could you increase your credit card limit?

ali-t

CH27 wrote: »

Could you increase your overdraft limit?
Could you increase your credit card limit?

In my OP I said that extending my overdraft wasn't an option as this would have been my first choice as there is no cash penalty for doing this. I need cash in my current account so having more credit available isn't a help.

I have plenty credit facilities available and if I hadn't been distracted this month I would have put some of the things I paid for on credit cards instead of using debit card for and this would have spread the load.

A cash advance from a credit card may be an option but again it is a really expensive way of doing things.

YorkshireBoy

ali-t wrote: »

A cash advance from a credit card may be an option but again it is a really expensive way of doing things.

£300 will cost you around £3 in interest over the 15 days, plus a £9 cash advance fee (at 27.9% and 3% respectively), so around £12 in total.

I wouldn't call that "expensive", especially when you consider what Provident may charge you and what the cost of missing monthly payments will be (eg £12 each! plus the damage to your credit file).

And, of course, the 'new' payment rules mean your cash balance on the card would be repaid first, it having the highest interest rate.

fozmcfc

As long as it is a one off and all other options are definately a no no.

Then Wonga.

£300 over 15 days you pay back £350.70

£400 over 15 days you pay back £465.49

ali-t

YorkshireBoy wrote: »

£300 will cost you around £3 in interest over the 15 days, plus a £9 cash advance fee (at 27.9% and 3% respectively), so around £12 in total.

I wouldn't call that "expensive", especially when you consider what Provident may charge you and what the cost of missing monthly payments will be (eg £12 each! plus the damage to your credit file).

And, of course, the 'new' payment rules mean your cash balance on the card would be repaid first, it having the highest interest rate.

:beer: Problem solved :beer: I was thinking that the highest rate would be paid last so cumulatively it would cost a lot more. No provy/pay day/dodgy loan for me. Temporary credit card cash advance woo hoo. Thanks YorkshireBoy