Same Day Loan with Bad Credit

mykeeb

I've really got into a bit of trouble with money right now and need a same day loan (or a quick loan)

I moved into my new flat recently and have had a deluge of massive bills all come at once this month. Everything from Water, Gas, Electricity and the Council Tax Bill.

My flatmate has paid some of them and has been hounding me for money, the council tax needs to be paid by the 18th December. My phone bill didnt come out of my bank like it usually does and I have £50 in my bank to last until the 21st.

I don't know what to do! A quick loan is my last resort because I need the money now.

HELP!

Tixy

How much do you need to borrow? and when can you afford to pay it back?

What is your credit history/file like?

Have you asked your bank for an overdraft? or a temporary overdraft?
Do you have a credit card?

Have you tried speaking to the council to see if you can put off the ct payment until after you are paid? If any of the water, gas or elec haven't been paid you could certainly pay them a couple of weeks late.

Would your employer consider an advance on your wages?

mykeeb

I was thinking of £1500 which should cover everything that I owe and have borrowed from friends already.

My credit history isn't great and I don't think the flat I've moved into has great credit history either.

My bank won't give me an overdraft. I have a reserve that I go into every month already.

We might be able to hold the council off until after christmas, but they want a lump sum from the two of us.

I'm already paying back money I've borrowed from work to help pay for the deposit on my flat.

I literally feel completely out of options and it's killing me!

scheming_gypsy

if you need a loan and can DEFINITELY pay it back in two weeks then just see what happens when you apply for a pay day loan. For two weeks the interest won't be too bad (depending on the amount) as long as you don't take thousands.
The problem with pay day loans is when people take them out and can't pay them back. but if you're in a full time job, have no problem getting paid and will be able to repay it on time, then it's a viable option for you.

scheming_gypsy

The flat won't have a credit rating, it's down to the person.

how much do you owe the council? the last payment is the first of January anyway. So unless you're making up for what you already owe them, just ignore it until you've been paid and clear up the full balance (ie December and January) as you're going to have to pay them both in the next couple of weeks anyway.

mykeeb

I don't think I'll be able to pay back the full amount if I took a pay day loan tbh. It'll just leave me short again next month?

I was thinking more a structured loan plan over a period of time. But one for people with low credit score?

I don't want to rush into the first one I can find when I type 'same day loan' into google! That way be dragons....

scheming_gypsy

Well you definitely need to stay away from a loan then if you're looking for an extended period of time and have bad credit; as you'll be stung with a high interest rate leaving you chasing your tail.

Recalculate how much you NEED to pay out straight away and take it from there. Take out how much you've borrowed from friends and then add some back on. When you borrow off friends and they start pecking at you to give it back, it's usually because you haven't given any of it back which makes it look like you're not making any effort to repay it. Most would be happy with half / a quarter of it initially so they know you're not avoiding it.

Tixy

The flat you've moved into does not have a credit history. A credit history and credit file is specific to an individual, nothing to do with an address.

I think you will struggle to find anywhere that will lend that sort of money to you, especially if you own bank won't help you. As said above a payday loan can be an option for someone who has a very short term funding option, and who can definitely pay back in full. As you can't I would stay very well clear.

I think you'll need to think of other options, tell your friends you cannot afford to pay them back in full and will have to repay in installments.

If the council want a largish sum to cover from when you moved in until the end of the year (march) then you'll have to agree a repayment plan with them. Whatever figure is owed they should let you pay in equal installments up to March. Explain to them you are having financial difficulties and arrange a repayment plan.

Have you got any things you could sell to try to raise some cash? Could you look for a second job to help out financially (maybe a temporary job evenings/ weekends in the run up to xmas?)

You could consider joining the local credit union, most require you to have been saving with them for a few months before they will consider a loan, but some will now consider a loan in an emergency, and don't consider your credit score, but instead look at your ability to repay. The maximum is likely to be around £500 or so though.

scheming_gypsy

Tixy wrote: »

If the council want a largish sum to cover from when you moved in until the end of the year (march) .

actually.. how would that work? as council tax is paid over 10 months, but if they've only just moved in, do the payments run till March or stop at January as normal?
If they stop at January then it from 'moved in recently' it can only be two (three at a push) payments that would be left.. wouldn't it?

Tixy

Usually if you move in late in the year, and negotiate with the council they will let you split the payments until March, so if you have 4months liability you can often pay in 4 installments Dec to Mar, not 2.

In fact a lot of councils will allow people who are in the same property all year to pay over 12 months if they are in financial difficulty.

mykeeb

I moved into the flat at the start of October and have just received the bill.

I'll ring the council and see if they will allow me to split the payments up until March.

Might have to swallow my pride and ask my friend who has already lent me money to lend me a bit more. Maybe I don't need as much as I first thought. £500 should be enough, just.

I'm going to go into my bank today and ask if I can have an overdraft as well. I've been with them for nearly 15 years and might use the old 'Well, I'll have to think about moving banks' line if they refuse!

I'm going to get out of this and never let it happen again.