best quick loan?

hunt85

homeowner loans take a while to sort out and are kind of taboo since the recession set in, I used to work for barclays and started selling them on a non advised basis a few years ago, they don't do it anymore as it meant that alot of people were borrowing money they couldn't really afford and it was contributing later on to the increase in reposessions as these loan companies held a charge on the persons property. HayleyArnd I suggest applying for a loan in your case where you have no negative history - i.e sainsburys/tesco etc. They then solely go on your income and outgoings and credit score, if you can show its for consolidation purposes you're more likely to get it as it reduces the risk if they think you're paying off all your other debt and it will overall cost you less each month. If you tell them its essentially to pay for a family "holiday" you probably won't get it with all that other outstanding debt. be clever about it and intend to maybe use some of the loan to pay off some other debt! it sounds like your bank are fobbing you off until the new year as your history with them doesn't sound too promising - so as long as your credit history is good then apply elsewhere.

hunt85

immoral_angeluk wrote: »

I really don't think debt consolidation is something the OP should be considering, especially in a fragile mental state. ESPECIALLY not by securing it on her house.
OP if you want advice, go see an independant financial adviser, not a bank adviser, as they will only be interested in selling you their products without much concern for the long term suitability, not giving you options from the whole of market and financial advice.

I did say it would be best she got a normal personal loan for now if she absolutely has to and NOT a homeowner loan. the further advance option is to help her in the future and is exactly what any IFA would suggest too except you pay loads to be told that! if you don't trust the banks then go to citizens advice/CCCS etc etc not an IFA.

immoral_angeluk

From experience and from reading this boards, post credit crunch lenders aren't keen to give out credit for consolidation purposes due to the risk of the borrower racking up the debt again.

immoral_angeluk

hunt85 wrote: »

I did say it would be best she got a normal personal loan for now if she absolutely has to and NOT a homeowner loan. the further advance option is to help her in the future and is exactly what any IFA would suggest too except you pay loads to be told that! if you don't trust the banks then go to citizens advice/CCCS etc etc not an IFA.

CAB/CCCS can't give financial advice on suitability of products etc. However, some CAB have IFAs who run free sessions in bureau, so would be worth asking locally.
Banks will generally only sell you what is best for the bank, hence my recommending an IFA who will be looking at the whole market. Yes, it possibly costs money but it's worth it for truly independant advice.

hunt85

true but they're even less likely to give it in this case when she has maxed out credit cards elsewhere and has recently borrowed further with her bank for what they would class as a "Holiday" even if she told them the sentimental reasons behind needing the money to go, this wouldn't enter the minds of the computers that basically do the deciding!

hunt85

immoral_angeluk wrote: »

CAB/CCCS can't give financial advice on suitability of products etc. However, some CAB have IFAs who run free sessions in bureau, so would be worth asking locally.
Banks will generally only sell you what is best for the bank, hence my recommending an IFA who will be looking at the whole market. Yes, it possibly costs money but it's worth it for truly independant advice.

true! although i would be wary of finding a suitable IFA as most are tied and/or get better commission etc off certain companies so tend to lean towards advising of those products to their customers! so many are not truly independent anyway.

immoral_angeluk

hunt85 wrote: »

true but they're even less likely to give it in this case when she has maxed out credit cards elsewhere and has recently borrowed further with her bank for what they would class as a "Holiday" even if she told them the sentimental reasons behind needing the money to go, this wouldn't enter the minds of the computers that basically do the deciding!

You're right, if the cards etc are already maxed then that will go against the OP, but debt consolidation suggests financial problems and ergo high risk to the lender so they're less likely to want to play ball.

It's difficult to say what's the best thing to do in the OPs case really, as we don't know the full details of whether they'd be able to get ANY loan anyway.

immoral_angeluk

hunt85 wrote: »

true! although i would be wary of finding a suitable IFA as most are tied and/or get better commission etc off certain companies so tend to lean towards advising of those products to their customers! so many are not truly independent anyway.

True, it's a case of damned if you do and damned if you don't. :rotfl:

hunt85

exactly! don't think i'm arguing with you as i see both sides of what we're both saying!! just thought i'd give my 2p worth. I am currently searching for a job in the citizens advice type field as that is my mind set rather than just what working in a bank requires.

immoral_angeluk

hunt85 wrote: »

exactly! don't think i'm arguing with you as i see both sides of what we're both saying!! just thought i'd give my 2p worth. I am currently searching for a job in the citizens advice type field as that is my mind set rather than just what working in a bank requires.

Oh I'm not arguing don't worry.
CAB jobs are good to get into, especially if you've seen the 'other side'. It's good to have a perspective from both the client and bank's point of view.
Keep an eye out on http://www.citizensadvice.org.uk/index/jobopportunities/jobopps_bureau.htm but you might want to consider volunteering first to get your foot on the ladder,

Sorry for the hijack OP!