Morses Club (What to Expect?)

SummerDaze_3

Hi Everyone.

I have found myself in the position where I need to borrow a bit of money.

I am in need of some urgent cash and after looking at the 3 main doorstep lenders 'Morses Club' looks like the better of them! (I know how a lot of people feel about this type of loan, but I will be able to afford the repayments every week on time)

I have a man from Morses Club coming in the morning and I was just wondering what to expect?

Does anybody have any experience with them? I need a loan of around £300-£400, is that likely on my first time loan with them? And is he likely to turn me down for a loan now that he is making a home visit?

Also I have read on other websites that I may need to provide them with a relatives details, I am not so sure about this?

Any advice would be fantastic,

Thank you

Emmzi

have never heard of them. I'd stick to the provvy at least you know what you are getting!

Apples2

Never heard of them either. I'm always cautious of a website with no T&C's on.

Loan Details
Product 33 Week Loan
Loan Amount £400.00
Instalment Value £20.00
Finance Charge £260.00
Admin Fee £0.00 TAP
APR 433.45%
Term (W) 33

:eek: Must be made of money to swap your £660 for their £400 :eek:

Of course you already know they want your relatives details so they can bang on their door if your payment falters.

SummerDaze_3

Apples2 wrote: »

Never heard of them either. I'm always cautious of a website with no T&C's on.

:eek: Must be made of money to swap your £660 for their £400 :eek:

Of course you already know they want your relatives details so they can bang on their door if your payment falters.

If he does ask for details of a relative then I will send him packing!!

I'll just wait and find out I guess

immoral_angeluk

Never heard of them! Best steer clear unless you know who you're dealing with..

bouncydog1

Don't know your personal circumstance, but it is utter madness to pay £260 in interest for a £400 loan over an 8 month period.

What happens in the meantime if you are struggling and can't pay - they extend the loan or loan you more and then you're drawn into the ever widening circle, with most of your income going back to pay them off.

Have a read of some of the horrendous stories and long term effect these types of people have on the lives of others.

There is no debt problem that cannot be sorted, without resorting to doorstep lenders. Hop over to the debt free board and post up a statement of affairs for people to have a look at. Their responses are genuinely helpful, although there will likely need to be a change in the way you deal with your finances.

The man that calls round today, will be lovely I'm sure - it will be a different tune if you can't pay one week - as you clearly have money problems that £260 is far better in your pocket.

breakfreeofdebt

I have never heard of them either just be careful x

kjcdal

ive had a coupple of loans in the past with morses no problem at all they always come to your house to arrange the loan and let you know then and there how much they can give you all depends on how much you earn can afford etc also i remember they took down a relative of mine but never contacted them and i got behind with the payments at one stage they just set up a better payment for me

D34N

£100-£150 is the maximum for the first loan, If you need more then that then i would try Provident.

Be careful it is very easy to keep topping up on these loans ending up in more and more debt.

dtsazza

SummerDaze wrote: »

(I know how a lot of people feel about this type of loan, but I will be able to afford the repayments every week on time)

My advice would be to think about this more clearly. Everyone thinks they can afford repayments when they can take out a loan, and often it turns out that things don't work that way.

I have no doubt that if the next eight months unfold as you expect, you'll be able to meet the payments. But what assumptions are you making, and where might they break?

I don't know what your income stream is, but what would you do if it were delayed for a month (admin mix-up, or friend/family can't spare as much as they thought this month)? What would you do if it dried up altogether (lost job, or benefits reassessed, or business plan turns out not to be viable, etc.)?

And ultimately, if you have a very steady stream of excess income that you can use to pay interest on a loan, why hasn't this same excess been building up savings - why are you in a position to need a loan in the first place? (There are many valid answers to this, but it's important to think about honestly; in some cases it can show you that you don't have as much wiggle room as you think, due to "one-off" expenses every month.)


If you're taking out a loan, my advice is to think about the worst case scenario and how you'd cope with it, not the best case. It might be fine - but saying that you will be able to afford repayments, without any hint of doubt, suggests to me that you're not being completely honest and aware of your situation.

(I'm not saying don't get the loan, and I'm not suggesting that you will default; I'm just urging you to understand the risk that you're taking on before you accept it.)

KingElvis

you must have a hole in your head