Payday Loan problems

Mangokitty

Hi,

I've fallen into the payday loan trap. Luckily I have a friend who said she would be guarantor on a loan for me so that I can clear the lot in one go.

I've scoured the internet, but all I keep finding is brokers who will charge me (I've researched that bit).

Can anyone please recommend a company who would provide a loan for someone with bad credit but with a guarantor?

thanks!

DCFC79

Can you afford the repayments ?

Do you know whay you fell into this trap ?

You looked at cutting your costs down as the same could happen again and again ?

jonesMUFCforever

Will the mate give you a loan to pay off the payday loan company?
He might as well as being a guarantor means he will be making the repayments if or when you default.

Mangokitty

She can't do that as she's just taken out a large mortgage.

Bravehearted_2

Be honest *pauses to catch breath after laughing hard* are you going to stiff this 'mate' after a few months and say you can no longer afford the repayments?

When you stop paying her, the lender will go after her. Sort your problems out yourself without pulling others into it.

pvt

Mangokitty wrote: »

She can't do that as she's just taken out a large mortgage.

If she's not good for a loan of the value you want, then she'll not be considered good enough to stand as guarantor either.

As jonesMUFC says, she might as well take the loan out herself and lend you the money. If she doesn't like that arranegemnt then she should seriously ask herself why she would agree to be guarantor anyway.

Squidge123

I had the option to get a loan with a guarantor to help me out - I had someone who would be the guarantor except again the only companies are brokers.

For bad credit that's all we'll find

[Deleted User]

Mangokitty wrote: »

Can anyone please recommend a company who would provide a loan for someone with bad credit but with a guarantor?

thanks!

Urgh no ! these are about as bad as the brokers

They know the people that will go to them and I'd be suprised if you get offered more then £500 - having been there - save yourself

Want out of the payday loan trap - don't give anyone else your card/bank details, live on basic value foods, stell stuff, at worse consider one of those high interest credit cards or consider contacting one of the free debt charities eg. CCCS or Payplan who would help and you pay them as part of a debt management plan for however long it takes, they would base payments on what you can afford

maginot

As other posters have said, ask the friend to take out a loan for you or use a credit card. If they also have bad credit then they wouldn't help you as a guarantor.

With yourself having bad credit and payday loan defaults even if you could get a guarantor loan the APR would be very high, causing you the same problems as now and ending up with more debt. Not to mention losing the friend.

Can you negotiate payments with the payday companies (they also are known to freeze interest for a short period)? Do you have any assets you can sell?

Eonel

Get your friend to take out the loan and give you the cash. A better rate of interest & no brokers necessary. She pays the bank & you pay her monthly.

From the friends perspective, there is less risk of you stopping paying for the loan & she does not find out until it is too late.

Not that you intend to stop paying - but even with the best intentions there are many posts on here from ex-friends and "changed circumstances"

skintandscared_2

If your friend is willing and able to take a loan out for you, please make sure you draw up a written agreement regarding the loan and repayments and both sign it. Too many friends make loans to each other without any documentation and live to regret it when it goes wrong.