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Loan of 2k?

Options
myright
myright Posts: 689 Forumite
Need a small loan for about £1-2K

What are the best options? would be repayed within 2 months.

What kind of interests would I be looking to pay?

Comments

  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    myright wrote: »
    Need a small loan for about £1-2K

    What are the best options? would be repayed within 2 months.

    What kind of interests would I be looking to pay?

    You won't get one as you have defaults and a CCJ.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Even if you didnt have defaults and a CCJ you would have difficulty.

    Banks dont make enough money with transactions like this.

    As it is, yu have no chance.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • myright
    myright Posts: 689 Forumite
    i'm sorry, guys it's for my friend ( we all use the same account). he has now ccjs or defaults.
  • camuk81
    camuk81 Posts: 1,559 Forumite
    Ninth Anniversary Combo Breaker
    If you can obtain credit an overdraft or cash advance may be cheaper then a loan, as a rule of thumb you are unlikely to get a loan for such a short period
  • myright
    myright Posts: 689 Forumite
    how do overdrafts work? do you need to pay interest on that and how does that work?

    and also why is it difficult to get a short term loan? what difference does it make to the bank if my friend pays it off early?
  • bouncydog1
    bouncydog1 Posts: 2,696 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    myright wrote: »
    i'm sorry, guys it's for my friend ( we all use the same account). he has now ccjs or defaults.

    And if the account is in joint names you're all tarred with the same brush so to speak - if he has ccjs you're linked to him by virtue of the account and if you have the ccj's he's linked to you.

    If you are all using one account set up in one person's name then the bank will take a very dim view of this and probably close it.
  • Mara69
    Mara69 Posts: 1,409 Forumite
    bouncyd!!! wrote: »
    If you are all using one account set up in one person's name then the bank will take a very dim view of this and probably close it.

    I thought they meant one account on MSE
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    he has now ccjs or defaults.

    I think this may be a typo. Does myright mean 'he has no ccjs or defaults'?
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • camuk81
    camuk81 Posts: 1,559 Forumite
    Ninth Anniversary Combo Breaker
    My right, If you got the overdraft then you would have to pay an arrangement fee and the debit interest you will have to refer to the bank T&C's for this.

    The alternative he could get a credit acrd and get a cash advance pay the fee and debit interest.

    However someone has pointed out something, do you have the same MSE account or the same bank account. If its the same bank account and you are finically linked then this may impact on his ability to obtain credit
This discussion has been closed.
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