Payday Loan

hunt85

Hi i just wondered if currently bankrupt can you apply for a payday loan - is it only an issue if you're asking to borrow £500 or more? i'm looking to borrow £100 via a payday loan for an unexpected vet bill! i've seen if i do it through Quidco with the cashback i'll get (£50) it will only cost me £75 to pay back the initial £100! i just wondered if i'm even allowed to apply for it! i should be getting discharged in december if not before with early discharge thanks all! x

sfjnet

I'm not 100% sure but while I don't think you are obliged to tell them you are currently bankrupt if the loan is under £500, they should certainly do a credit check and so I would be amazed if you got it while still bankrupt. There are many companies who advertise that they will lend to people with an adverse credit history including discharged bankrupts, but the rates they charge are obscene and you would probably be quoted a much higher interest rate than the advertised one. Remember also that you have to pay the loan back in a month and your Quidco probably wouldn't track and pay in time to meet that deadline. Can't you work out something with the vet such as 50% now and 50% after your next pay day? I dont know of many vets who would refuse to treat a sick animal because the owner couldnt pay in full up front (if that's the case with yours then I would find a new vet). Good luck anyway.

Ineedaname

That was going to be my suggestion too, have a chat with the vet as most will do payment plans these days and they're not likely to charge much in interest, if any at all.

andyf1980

hunt85 wrote: »

Hi i just wondered if currently bankrupt can you apply for a payday loan - is it only an issue if you're asking to borrow £500 or more? i'm looking to borrow £100 via a payday loan for an unexpected vet bill! i've seen if i do it through Quidco with the cashback i'll get (£50) it will only cost me £75 to pay back the initial £100! i just wondered if i'm even allowed to apply for it! i should be getting discharged in december if not before with early discharge thanks all! x

There's no reason why not. No experience with them but they charge pretty hefty interest rates so may be inclined to take the chance. It's one of the reasons I have pet insurance although I think the excess is probably £100!!!

hunt85

Just in case anyone else is interested I got a payday loan £100 and I pay back £115 on payday, so not bad for a last minute loan! i could have negotiated with the vet but I felt a bit embarassed about it, thought this was was better! i won't be doing it again though unless its another emergency. they preaprroved me for £450 straight away, i'm not advertising but it was with quick quid if anyone needs to do the same again!

Ineedaname

Glad you got it sorted. I'd still have a chat with the receptionist at the vets to see if arrangements with them are possible if it crops up in the future, then you won't be so embarrassed to ask if it does.

Just remember, businesses tend to pay on 30 day terms anyway, so it's not much to ask your vet if they can wait until the end of the month to be paid...

sundays

Those that dont know this, parish council may help for dire emmergencys, no guarantee but def a damm site cheaper than quik quid and a decent vet will allow a payment arrangment .

wayforward_2

i currently have a cat needing an operation costing £900 - have already paid £300 for xrays. We have pet insurance but as i was trying to reduce my costs went with a cheaper company and lo an behold the operation isn't covered! Vet did say they would consider a payment plan over 9 months but then apparently their accountants vetoed it (i suspect they did some sort of credit check).

Any suggestions would be welcome - although at least the cat isn't in pain, which is why the vet said they would wait while i save up - just immobile!

Ineedaname

As long as the cat isn't suffering and the vet is happy to wait - keep saving! Then make an allowance in your budget (if you can) to put a bit by each month for such eventualities.

tigerfeet2006

Get yourself a Credit Union account. Google Credit Union and your town and/or county to find your nearest one. When they see regular savings going in, usually 10-ish weeks payments then they will look to lending you money. They look at all your incomings and outgoings and will only take thr payment you can afford to pay back. Also what they do is a percentage of that payment will continue to go into your savings account and the rest pays off the loan. You can't access the savings while you have the loan so it means they are growing. Interest on the loan is low (around 12% apr)

Some CU's do an emergancy loan at a low-ish rate of interest (think ours is at 24% atm, which although high is not as high as the Provi. etc.) if you are a new saver and it is an emergancy.

This is one near me, to give you an idea http://www.bristolcreditunion.org/index.asp

Tupperware_Queen

I can only reiterate what Tigerfeet says, I have got a credit union account, which I opened shortly after the bankruptcy. I have been saving a monthly sum for annual bills such as car insurance etc. If I needed to have a loan, I can borrow against my savings - eg if I have £200 saved I can borrow up to £400. At least with the credit union I know that the repayments would be affordable and not escalate. I am not intending to borrow, but its good to know I have an option for emergency use.